Fundamental Research Corp. Fair Value Estimate for Carube Copper Corp. 400% Higher Than Current Price

• Carube Copper Corp. (“company”, “Carube”) holds a portfolio of eleven 100% owned copper and gold exploration permits in Jamaica covering 535 sq. km. Approximately $18 million has been spent on the properties since Carube acquired the assets in 2011. Carube also has three early stage porphyry style projects in B.C., Canada.
• Jamaica is vastly under explored. It has a mining friendly jurisdiction with British mining law and reasonably good infrastructure.
• Carube’s flagship assets, the Bellas Gate Project (“BGP”), consists of two copper-gold-silver licences covering 84 sq. km. The project is considered to hold multiple near surface porphyry deposits.
• BGP is estimated to contain 35 known copper, copper-gold and gold-silver occurrences and deposits, primarily porphyry, as well as epithermal vein and skarn type deposits.
• Management is targeting a resource of over 200 Mt of Cu‐Au porphyry grading over 0.60% copper equiv.
• Carube recently completed a 1,900 m / 7 hole drill program. The first three holes showed promising results.
• Management and board members combined hold 10% of the total outstanding shares.
• We are initiating coverage with a BUY rating and a fair value estimate of $0.23 per share.