True Leaf starts production, sales and marketing in Europe, backed

August 31, 2016
Research #18
Hemp-based pet foods
Company Details
True Leaf Medicine International Ltd.
100 Kalamalka Lake Road, Unit 32
Vernon, BC V1T 9G1, Canada
Phone: +1 778-389-9933
Email: [email protected]
www.trueleaf.com
Shares Issued & Outstanding: 53,263,203
True Leaf starts production, sales
and marketing in Europe, backed
by first major purchase order
Today, True Leaf Medicine International Ltd. announced a significant purchase
order from PetsCorner, the second largest pet store chain in the UK, which will
sell the True Hemp product line in all its 174 stores and has plans to expand by
another 70 stores by late 2017. As PetsCorner is a leading pet brand in the UK,
other brands may now follow, more of such orders could be on the horizon. For
True Leaf, today’s purchase order officially marks the start of production, sales
and marketing in Europe. On August 2, True Leaf Pet Europe LLC SARL, a
subsidiary based in Luxembourg, was established in order to work in close
proximity to European clients and markets, build networks, as well as develop
sales (in European currency) and distribution performance. Test runs have
been completed and production runs are now scheduled to build inventory for
today’s order. Production and sales of the True Hemp product line are already
underway in Canada and the US, whereas the company has recently added
an online shop on its TrueLeaf.com site. With revenues now being generated
on two continents, True Leaf emerges as a global brand, while also showing
increased engagement in becoming one of Canada’s next licenced medical
marijuana producers.
Chart
Canada (CSE)
Canadian Symbol (CSE): MJ
Current Price: $0.265 CAD (August 30, 2016)
Market Capitalization: $14 million CAD
Chart
Germany (XETRA)
German Symbol / WKN: TLA / A14NM1
Current Price: €0.175 EUR (August 30, 2016)
Market Capitalization: €9 million EUR
2
Research #18 | True Leaf Medicine International Ltd.
True Leaf‘s CEO, Darcy Bomford, who
owns around 50% of all company shares,
commented in today‘s press-release:
“We’re on our way to becoming a truly
global brand. Our product was the only
hemp-focused pet treat at Interzoo® [the
world’s largest bi-annual exhibition of
supplies for pets with 40,000 attendees,
held May 26-29 in Nuremburg, Germany], and it drew a lot of interest. PetsCorner® was one of those companies.
The PetsCorner® order is a great start
to our sales in Europe; they are true innovators in the UK market and we look
forward to working with them to grow
our brand.”
Rockstone is impressed by the speed and
dedication that the entire True Leaf team
puts together to establish its innovative
product line as a globally thriving brand.
While not resting on their laurels,
following the remarkable feedback they
have been receiving from pet owners
and pet foods specialists worldwide, the
company announced on August 11 to
launch 2 new hemp-based products for
pets:
“The innovative True Hemp™ soft chews
for pets that are generating a buzz in the
pet food industry will soon be joined by
two new companion products that will
give consumers new ways to deliver the
benefits of hemp to their pets. True Leaf
Pet, the producer of True Hemp™ soft
chews, chose the SuperZoo mega pet
show in Las Vegas last week to launch
True Hemp™ ‘Sticks’ and True Hemp™
‘Oil’, adding to its popular hemp-based
functional product line.
Says True Leaf Pet CEO Darcy Bomford, “The entire product line will offer
the powerful True Hemp™ Hip + Joint,
Calming and Health formulations in the
same ratio for all three delivery formats:
chews, sticks and oil.”
Hemp is the main functional ingredient
in each product, which provides a source
of Omega 3, 6, 9 and also GLA - a substance known to support the body’s response to inflammation. Other active
ingredients are added to support the
functionality of the hemp in each formu-
la, including innovative ingredients like
green lipped mussel from New Zealand,
DHA from algae and an amino acid from
green tea for a calming effect.
True Hemp™ ‘Sticks’ contain the same
levels of hemp and other active ingredients as True Hemp™ Chews. They are
grain-free with salmon for added omega
3s and are formed into a rigid ‘stick’
shape that is popular with consumers.
True Hemp™ ‘Oil’ is an innovative blend
of hemp, coconut and salmon oil that
can be added directly onto a pet’s daily
food. Through a patented process, the
active ingredients are suspended in the
oil blend to achieve the same ratio of
active ingredients per measure as a True
Hemp™ chew. The unique formulation
provides beneficial omega 3 from both
plant and ocean sources, plus MCTs (medium chain triglycerides) from liquid coconut oil.
“We now have a full range of products that
provide support for joint function, calming
and overall good health in a variety of formats,” said Mr. Bomford. “Soft chews for
picky or older dogs that are easy to chew
and digest, hard sticks for more active dogs
in a popular ‘dental stick’ style format, an
oil blend with all of our active ingredients,
plus healthy coconut and salmon oils. Additional product formats not only increase
our retail shelf presence and order sizes,
but also appeals to a wider consumer audience which ultimately strengthens our
brand,” explained Mr. Bomford.
Independent retailers attending SuperZoo underscored that analysis, responding enthusiastically to the extensions to
the True Hemp™ product line. According
to Mr. Bomford, True Hemp™ Sticks and
Oil will be available throughout North
America later this year via True Pet’s
established distribution channels to the
specialty pet marketplace.“
3
Rockstone is also impressed by the
dedication of True Leaf‘s Chairman,
Michael Harcourt (former Premier
of British Columbia and Mayor of
Vancouver), who sent a letter to all
stakeholders on July 25 providing
an update on True Leaf‘s recent
transformation
and
remarkable
milestones. Shortly thereafter, he
sent a formal letter to the Cannabis
Legalization & Regulation Secretariat on
August 18, making recommendations on
the future production and distribution
of legalized marijuana in Canada.
Justice Minister Jody Wilson-Raybould
has established a task force to advise the
Canadian government on how best to move forward with its plan to legalize marijuana. Chaired by Anne McLellan, former
deputy prime minister and health and
justice minister, the task force is seeking
public input and will advise the government on the design of the legislation and
the regulatory framework for a new system of marijuana sales and distribution.
True Leaf Medicine International Ltd. is
one of 400-plus companies in the process
of applying for a licence to produce and
distribute medical marijuana under the
previous government’s Marijuana for
Medical Purposes Regulations (MMPR)
program. The new plan to legalize
marijuana will replace the MMPR process.
True Leaf Chair Michael Harcourt, the
former Premier of British Columbia, has
written a letter to the task force outlining
the company’s vision for a new plan,
calling for both recreational and medical
marijuana to be produced and distributed
via the same system. Mr. Harcourt’s case
and supporting points are as follows:
As the federal government contemplates
the means by which it will implement its
laudable commitment to legalize marijuana, a task force has been created to
advise on the design of a new system.
The Task Force is seeking the views of
Canadians on issues that are key to that
design. They will then provide the federal
government with a final report.
This letter represents True Leaf Medicine
International Inc.’s response to the call for
public input.
Research #18 | True Leaf Medicine International Ltd.
PRODUCTION
Among the Canadians most knowledgeable about the safe and secure production and distribution of marijuana are
those companies, including our own,
which have applied to become licensed
producers of marijuana for medical purposes. As one of the 416 applicants in the
queue as of June 28, 2016, we agree with
the government’s discussion paper that
this current regime could be effectively
adapted for the full-scale production of
marijuana in Canada.
Of course, this process was established to
produce marijuana for medical purposes
under regulation (MMPR), but it has also
generated a repository of knowledge,
expertise and skill that can be seen as a
formidable asset as the government contemplates wider legalization.
There are currently 33 licensed producers
who have been through an exhaustive
seven-part process, and as mentioned
above, another 416 who are currently
working their way through the rigors of
the process, which include screening,
security clearance, review, pre-licence inspection and, finally, licensing.
Along the way, attrition has been extensive. Hundreds have been refused,
rejected, or withdrawn. In a number of
cases, products have been recalled to
protect client safety. This is a comprehensively and carefully regulated sector,
unlike the ad hoc blossom of illegal dispensaries around the country, which have
sprouted up to be in position for legalization. Whatever the ultimate fate of those
dispensaries, the quality and safety of the
product has to remain paramount – and
the MMPR companies provide a readymade source of supply that will comply
with the strictest safety standards.
The discussion paper points out that the
relatively small numbers of medical marijuana users suggests that adopting the
current model would not be in the public
interest in the context of the larger number of users expected in a legalized market. Yet in addition to the licenced producers, there are more than 400 applicants
at various stages in the queue, and prior
to the change in government, movement
through the process was characteristic-
ally slow. An intensified focus on resolving partially-completed applications will
serve to increase supply, while ensuring
the quality of that supply. As well, companies with licences have untapped capacity allowing for production increases.
While using an adapted version of the current model may lead to a limitation in the
supply at the outset, starting from scratch
or instituting a parallel process will undoubtedly introduce troubling uncertainty in quality and security of the supply
(at least), as has been the case in the US
states legalizing marijuana for the public.
The current model, which the discussion
paper calls the market-driven competitive model, offers the best start, with a
large number of qualified, screened and
cleared sources of supply ready to scale
up and address the demand.
DISTRIBUTION
Turning to distribution: A number of options have been outlined in the discussion
paper, including the through-the-mail system currently used in the distribution of
marijuana for medical purposes. Another
possibility is modeling the distribution
system after the alcohol or cigarette distribution system. One of the key considerations is protecting young Canadians by
keeping marijuana out of the hands of
children and youth.
While these systems have merit, it is
time to acknowledge that marijuana is
a unique substance that is sought for its
medicinal as well as its recreational benefits, unlike other controlled substances.
There is an outside-the-box argument
to be made that marijuana distribution
should be controlled by or grounded in
a coalition of health care professionals,
including doctors, naturopathic doctors
and pharmacists.
Today, even the illegal dispensaries often
go through the formality of requiring the
approval of a licensed health professional as a condition of purchase. While this
may amount to window dressing, the idea
of a licensed dispensary, for both medical
and recreational marijuana, is worth further consideration. A network of licensed
dispensaries already exists – pharmacies.
A licenced system including some of the
more professionally run dispensaries and
4
Research #18 | True Leaf Medicine International Ltd.
alternative health care practices, carefully integrating health care considerations
into the recreational marijuana narrative,
may prove surprisingly beneficial immediately and in the long run.
RECOMMENDATIONS
Production of the medicinal and recreational supply, other than plants grown
for personal use, can be most effectively, safely and securely supplied by commerciallicenced producers. Now that the
MMPR process is scheduled for change,
we see this as an opportune time to licence more of the already screened,
qualified and cleared applicants in anticipation of increased demand.
Distribution of medical and recreational
supply should be worked out co-operatively between Ottawa and the provinces.
In BC, it will likely occur through a combination of Liquor Control Board outlets
and private facilities. We recommend
that pharmacies and alternative medical
practices, as well as licenced existing dispensaries, be included in the distribution
network for recreational as well as medical supply.
Naturopathic doctors are professionally
trained practitioners and herbalists; they
are experts in both the historical uses of
plants as well as modern pharmacological
mechanisms. Therefore, we recommend
that prescription for medical marijuana
should expand beyond medical doctors
to include both naturopathic doctors and
pharmacists.
Production and distribution issues aside,
more research is needed on both recreational and medicinal use. True Leaf
Medicine International Inc. sees the need
for evidence-based research on the most
effective dosages and strains required for
the various applications of medicinal marijuana: pain management, nausea from
cancer treatment, and epilepsy, among
others.
We are prepared to work further with our
contacts in the medical community, along
with pain management centres and organizations such as the Canadian Arthritis Society.
If you are interested in discussing these
ideas further, we would be pleased to do so.
Sincerely,
Michael Harcourt
Chair, True Leaf Medicine International Ltd.
To interview Mr. Harcourt or True Leaf
CEO Darcy Bomford, please contact:
Danielle Johnson
Associate, BreakThrough Communications
E: [email protected]
P: (604) 803-0341
Ex-premier Harcourt pumped about
legalizing pot plan, likes PM‘s ‘gutsy‘ moves
By Ian Mulgrew on August 26, 2016
for the Vancouversun
Former
premier-turned-pot-proponent
Mike Harcourt couldn’t have sounded
happier and more optimistic than if he just
blew a big blunt.
“I did use marijuana in the ’60s and early
’70s but haven’t used it since,” he laughed.
“I’m into wine — and a beer after a good
tennis match. But from my experience of
the last 13 years as a partial quadriplegic
— 20 per cent of my body is still paralyzed
— and I work with Rick Hansen and the
disabled community, so I’ve seen the
suffering and the pain, that people with
spinal-cord injuries and other disabled
people go through, and I think there are
real benefits to cannabis.”
Injured in a 2002 fall at his Pender Island
cottage, the avuncular erstwhile mayor
5
of “Vansterdam on the Pacific” and NDP
leader now is chair of Lumby-based True
Leaf Medicine International Inc., one of
400-plus firms in the regulatory pipeline
to produce medicinal cannabis.
The new Liberal administration, however,
has announced it will legalize pot and
recently appointed a task force to report
on how that should happen next spring.
Harcourt this week wrote to Ottawa
urging it to use the existing “onerous”
vetting process for producers and the
same distribution system for medical and
recreational cannabis.
His unique perspective should carry some
weight.
“I’ve seen this issue from the angle of
being a criminal defence lawyer for 15
years and how destructive the laws were
then, particularly around marijuana,” he
explained.
“I saw it as chair of the (Vancouver) police
board for three terms and as premier.
My riding was Mount Pleasant with the
Downtown Eastside … I’ve been around
the issues of drugs for a long time from
an inside-the-system viewpoint, not just
thinking about it as a citizen who thinks
the marijuana laws are wrong and haven’t
worked.”
Finally, he said, Ottawa is on the right road.
“I think it was gutsy for the prime minister
and the Liberals to take on this issue,”
Harcourt said. “I think there is a pretty
good consensus in the country (that) there
is a better way to deal with this, and we’re
starting to move in the right direction.”
As with alcohol under the Constitution,
he thinks Ottawa will maintain health
responsibilities for cannabis but devolve
authority for recreational pot to the
provinces and territories.
There are 33 licensed producers who
have survived the exhaustive seven-part
screening and security clearance licensing
process and serve the medical market.
But many more will be needed to meet
recreational demand.
Research #18 | True Leaf Medicine International Ltd.
“You’ve got a system up and operating,
and potentially another 400 companies
who could and should supply both the
recreational and medicinal market with a
product that will comply with the strictest
safety standards,” Harcourt maintained.
“(Medical cannabis) is a comprehensively
and carefully regulated sector, unlike the
ad hoc blossom of illegal dispensaries
around the country.”
In B.C., Harcourt envisions regulated
producers such as True Leaf selling via the
liquor distribution branch supplemented
by private outlets (as happens with
alcohol),
naturopaths,
pharmacists,
doctors and licensed existing dispensaries.
If you want to grow your own, that would
be OK, he added.
“It’s like people in my own community, the
Italian community, used to make their own
wine, still do,” Harcourt said. “What the
heck! I think people who have the capacity
to do that (grow cannabis) and want to do
that, why not?”
He didn’t think many patients would grow
their own because most have special pain
management issues that require particular
strains of the plant: “It’s quite ailment
specific and doing it on your own is hard
to do.”
He predicted that the “wild west” in
Vancouver, Toronto and other cities —
where dispensaries have opened willy-nilly
in defiance of the still-in-place criminal
prohibition — will soon end.
government that is dealing with it
intelligently instead of you-know-the-evilof-weed hysteria that has been going on
since 1938 in the U.S. with huge tragic,
terrible consequences for millions of
people.”
Business licence and zoning requirements
are essential elements to any new scheme
for regulating and distributing the drug:
“I think it can be worked out quickly and
well.”
He said the biggest problem he saw south
of the border was the conflict between
individual states’ legalization legislation
and federal laws that say marijuana is
illegal.
“So banking institutions can’t deal with
producers or retailers,” Harcourt said.
“I think we can have a better system
in Canada because we have a national
[email protected]
Twitter.com/ianmulgrew
6
Research #18 | True Leaf Medicine International Ltd.
True Leaf (MJ): A Multi-Pronged Approach
to Capitalizing on Cannabis
By Ryan Allway on August 25, 2016
for CannabisFN.com
The North American cannabis industry is
expected to grow at a nearly 30% pace
to reach $20.7 billion in size by 2020,
according to Research and Markets. While
investors have many options to capitalize
on this growth, few are as diversified as
True Leaf Medicine International Ltd.
(CSE: MJ) (FSE: TLA). The company targets
U.S., Canadian and European markets
with Hemp-based products for pets from
its True Leaf Pet division and hopes to
be supplying Canadians with Medical
Marijuana from its True Leaf Medicine
division upon Canadian government
approval.
In this article, we will take a closer look at
True Leaf Medicine International and why
investors may want to consider it for their
portfolios.
Near- & Long-term Plans
True Leaf Medicine International was
founded in 2013 to become a licensed
producer of medical marihuana under
Canada’s MMPR program. The company
was an early applicant in July, 2013 and has
worked its way through to the ‘Security
Clearance’ stage with Health Canada.
With an ideal location supported by the
community and a strong team in place,
the company expects more progress
with its application as the Canadian
government transitions to a new program
called the ‘ACMPR’ (Access to Cannabis
for Medical Purposes Regulations) this
August.
In the meantime, the company decided
to forge ahead in a sector where its
management team shared a common
passion – pets. True Leaf Pet was formed
to capitalize on growing demand for
hemp and cannabinoid-based therapies
for animals suffering from a range of
conditions. The hemp-based nature of
the company’s products means they
aren’t subject to the same restrictions as
marijuana and can be sold throughout
the United States and Canada.
The company has already launched a line
of functional hemp-based dog chews
under the True Hemp™ brand names:
CALMING, HIP + JOINT and HEALTH.
According to a growing body of research,
these products may help with anxiety
and joint pain, as well as providing an
antioxidant and cognitive boost. Apart
from the hemp-derived components,
these chews contain active ingredients
like green lipped mussel, turmeric root,
L-theanine, DHA from whole-cell algae,
pomegranate extracts and more.
Growing Revenue
According to the American Pet Products
Association, U.S. consumers spent over
$60 billion on their pets last year alone.
These figures include nearly $15 billion
spent on pet supplies and over-thecounter medicine, which represents
True Leaf Medicine’s core revenue
opportunity.
attending the trade show responded
enthusiastically to the new products
since they provide an alternative delivery
mechanism for older pets that may be
pickier when it comes to accepting new
formulations.
The company is focused on building its
in-store and online presence across the
United States, Canada, and Europe, as
well as expanding its digital marketing
efforts across North America over the
coming quarters. In addition to these core
markets, management has expressed an
interest in expanding its presence into
New Zealand, Australia, and parts of Asia
where consumers may respond well to
hemp-based therapies for pet ailments.
Looking Ahead
The company remains in the very
early stages of commercialization, but
revenue continues to grow as more
distribution is secured and their products
reach pet stores. Through its network
of distributors, the products are now
available to over 9000 independent pet
stores throughout North America. The
company has also secured a European
manufacturing partner and launched a
European version of the same product
line at the Interzoo® pet industry show
in Nuremburg Germany last May.
Distribution in that market is expected to
commence in September 2016.
True Leaf Medicine International Ltd. (CSE:
MJ) (FTA: TLA) represents a compelling
opportunity within the burgeoning
cannabis industry. With exposure to
human and pet markets, the company
aims to build a diversified company that’s
unified by its goal to improve quality of
life. The North American cannabis market
is estimated to reach $20 billion in size
by 2020, while consumers spend nearly
$20 billion on pet supplies and over-thecounter medications.
In early August, the company attended
the SuperZoo trade show in Las Vegas,
Nevada – one of the largest pet trade
shows in the world – where it unveiled its
new TrueHemp™ Sticks and TrueHemp™
Oil formats. Independent retailers
Ryan Allway
For more information, visit the company’s
website at www.trueleaf.com.
About Ryan Allway
Mr. Allway has over a decade of experience
in the financial markets as both a private
investor and financial journalist.
7
Research #18 | True Leaf Medicine International Ltd.
Previous Coverage
Research #17 “True Leaf just started to
take root (to grow big thereafter)“
Research #16 “New sales channel for the
market buzz: True Leaf products now also
sell online“
Research #15 “Hemp for Dogs: True Leaf
from Canada brings a special treat to the
worlds leading trade-show Interzoo“
Research #14 “True Leaf pushes the gas
pedal and brings True Hemp to Europe“
Above store in Dorking, 35 km from London, is one of PetsCorner‘s most successful stores in the UK.
Research #13 “True Leaf conquers the US
Pet Food Market”
Research #12 “True Leaf To Sell HempBased Products in 3500 Stores in the US”
Research #11 “True Leaf‘s Product Line
Now Available in 47 Canadian Retail Stores”
Research #10 “True Leaf‘s Selling Fast”
PetsCorner is a Sussex based pet retailer currently trading from 174 stores with over 1,000
members of staff throughout England, with a funded expansion plan to have over 200 stores
across the UK within the next 10 years. Pets Corner also operates a pet product and pet food
business called Great&Small that sells to retailers in the UK and exports worldwide.
Research #9 “True Leaf Expands to Europe”
Research #8 “True Leaf Unveils New
Product Line”
Research #7 “Another Key Piece for the
True Leaf Puzzle”
Research #6 “True Leaf Pet’s Hemp Chew
Product Line to be Distributed Across
Canada”
Research #5 “Interview with True Leaf‘s
CEO Darcy Bomford“
Research #4 “One Step Closer Becoming A
Licenced Medical Marijuana Producer“
Research #3 “On its way to production“
Research #2 “True Leaf To Enter The Pet Food
Market With Hemp Products In Fall of 2015“
Research #1 “True Leaf Medicine International Ltd. Goes Public“
8
Disclaimer and Information on
Forward Looking Statements:
All statements in this report, other than
statements of historical fact should be considered forward-looking statements. Much
of this report is comprised of statements of
projection. Statements in this report that are
forward looking include that True Leaf Medicine International Ltd. or any other company
or market will perform as expected; that
True Leaf will start producing saleable products; that True Leaf or its partner(s) can and
will start producing and selling any kinds of
products; that the company can raise sufficient funds for product development and/or
production; that any of the mentioned plans
are valid or economic. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from
those anticipated in these forward-looking statements. Risks and uncertainties respecting medical marijuana and/or hemp-focussed companies are generally disclosed
in the annual financial or other filing documents of True Leaf Medicine International
Ltd. and similar companies as filed with the
relevant securities commissions, and should
be reviewed by any reader of this report. In
addition, with respect to True Leaf Medicine
International Ltd., a number of risks relate
to any statement of projection or forward
statements, including among other risks: the
receipt of all necessary approvals and permits; the ability to conclude a transaction to
start or continue product development and
distribution; uncertainty of future market
regulations, capital expenditures and other
costs; financings and additional capital requirements for development, construction,
and operating of a facility; the receipt in a
timely fashion of further permitting for its
legislative, political, social or economic developments in the jurisdictions in which True
Leaf Medicine International Ltd. carries on
business; operating or technical difficulties in
connection with production or development
activities; the ability to keep key employees,
joint-venture partner(s), and operations
financed. There can be no assurance that
such statements will prove to be accurate, as
actual results and future events could differ
materially from those anticipated in such
statements. Accordingly, readers should not
place undue reliance on forward-looking information. Rockstone and the author of this
report do not undertake any obligation to
update any statements made in this report.
Research #18 | True Leaf Medicine International Ltd.
Disclosure of Interest and
Advisory Cautions:
Nothing in this report should be construed
as a solicitation to buy or sell any securities
mentioned. Rockstone, its owners and the
author of this report are not registered
broker-dealers or financial advisors. Before
investing in any securities, you should consult
with your financial advisor and a registered
broker-dealer. Never make an investment
based solely on what you read in an online
or printed report, including Rockstone’s
report, especially if the investment involves
a small, thinly-traded company that isn’t
well known. The author of this report is
paid by Zimtu Capital Corp., a TSX Venture
Exchange listed investment company. Part
of the author’s responsibilities at Zimtu
is to research and report on companies
in which Zimtu has an investment. So
while the author of this report is not paid
directly by True Leaf Medicine International
Ltd., the author’s employer Zimtu will
benefit from appreciation of True Leaf
Medicine International Ltd.’s stock price.
In addition, the author owns shares of
True Leaf Medicine International Ltd. and
would also benefit from volume and price
appreciation of its stock. In this case, True
Leaf Medicine International Ltd. has one or
more common directors with Zimtu Capital
Corp. Thus, multiple conflicts of interests
exist. Therefore, the information provided
herewithin should not be construed as a
financial analysis or recommendation but
strictly as an advertisment. The author’s
views and opinions regarding the companies
featured in reports are his own views
and are based on information that he has
researched independently and has received,
which the author assumes to be reliable.
Rockstone and the author of this report do
not guarantee the accuracy, completeness,
or usefulness of any content of this report,
nor its fitness for any particular purpose.
Lastly, the author does not guarantee that
any of the companies mentioned in the
reports will perform as expected, and any
comparisons made to other companies may
not be valid or come into effect. Please read
the entire Disclaimer carefully. If you do not
agree to all of the Disclaimer, do not access
this website or any of its pages including this
report in form of a PDF. By using this website
and/or report, and whether or not you
actually read the Disclaimer, you are deemed
to have accepted it. Information provided
is educational and general in nature.
Analyst Profile and Contact
Stephan Bogner (Dipl. Kfm. FH)
Mining Analyst
Rockstone Research
8050 Zurich, Switzerland
+41-44-5862323
[email protected]
Stephan Bogner
studied at the
International School
of Management
(Dortmund,
Germany), the
European Business
School (London)
and the University of Queensland
(Brisbane, Australia). Under supervision
of Prof. Dr. Hans J. Bocker, Stephan
completed his diploma thesis (“Gold In
A Macroeconomic Context With Special
Consideration Of The Price Formation
Process”) in 2002. A year later, he
marketed and translated into German
Ferdinand Lips‘ bestseller („Gold Wars“).
After working in Dubai for 5 years, he
now lives in Switzerland and is the CEO of
Elementum International AG specialized
in duty-free storage of gold and silver
bullion in a high-security vaulting facility
within the St. Gotthard Mountain Massif
in central Switzerland.
Rockstone is a research house specialized
in the analysis and valuation of capital
markets and publicly listed companies. The
focus is set on exploration, development,
and production of resource deposits.
Through the publication of general
geological basic knowledge, the individual
research reports receive a background
in order for the reader to be inspired to
conduct further due diligence. All research
from our house is being made accessible
to private and institutional investors
free of charge, whereas it is always to be
construed as non-binding educational
research and is addressed solely to a
readership that is knowledgeable about
the risks, experienced with stock markets,
and acting on one’s own responsibility.
For more information and sign-up for free
newsletter, please visit:
www.rockstone-research.com

Download Report