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Exeter Resource Corp.

TICKER: XRA:NYSE.MKT; XRC:TSX; EXB:FSE

Exeter Resource Corp.'s flagship Caspiche project is well located in Chile's Maricunga district, which has good infrastructure and is in close proximity to other large scale mining operations and projects in development. Caspiche has 2P ore reserves containing 19.3 Moz gold, 41.5 Moz silver and 4.62 Blb copper. Exeter has released a PEA for Caspiche that reviewed new, low capex, scaleable development alternatives including a 30 Ktpd heap-leach oxide gold project, producing a projected average of 122 Koz gold annually over a 10 year mine-life.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Hebba Investments, Seeking Alpha (10/31/14) "There are many reasons to like Exeter Resource Corp., including heavy recent insider buying, an expanded water drilling program and the potential to be acquired by any one of the many majors in the area. . .but we think an Exeter-Kinross match makes a lot of sense, with a lot of potential synergies for Kinross, not the least of which is the ability to replace its Maricunga operations as they wind down."

Prudent Finances, Seeking Alpha (10/21/14) "Exeter Resource Corp. has CA$35M cash and zero debt. . .Exeter should easily be able to survive much longer than 3.5 years. . .time to make some decisions or deals. . .raise the capital to develop Caspiche. . .make Caspiche a joint venture. . .or look for a buyer for Caspiche or for the entire company. The takeover scenario is realistic considering that Exeter's stock price and market cap are low. . .the location of Caspiche makes it a potential target for either Kinross Gold Corp. or Barrick Gold Corp. . .Exeter has a large resource, lots of cash with no debt and a more feasible plan."

The Mining Report Interview with John Kaiser (10/14/14) "One company that has interesting optionality is Exeter Resource Corp., whose gold-copper Caspiche deposit in Chile has been modeled for multiple mining scenarios. The limiting factor is water access. The company is sufficiently funded with the $12M it needs to complete its studies and get its environmental permits for the smaller-scale scenarios. It has $40M in the treasury, which puts it in excellent shape to continue to advance the understanding of the deposit, search for water and be ready to move at different scales of production when gold starts to move on the upside." More >

Hebba Investments, Seeking Alpha (10/8/14) "Exeter Resource Corp. recently announced that it had expanded its water drilling program for its Caspiche gold-copper project in northern Chile. . .it is an excellent opportunity to be able to buy on good news with quality projects, and if the company can confirm that water is sufficient to develop Caspiche (and we think this announcement makes the odds in the company's favor), then we think this project is one of the few that offers an acquirer significant options in development at a cheap price. These water results may be the last thing an acquirer is looking for, so investors who are interested should seriously consider buying in at today's price, especially considering the company has close to $30M in the bank and a $47M market cap."

Daniel Earle, TD Securities (10/7/14) "Validating the potential water source for various mining scenarios at Exeter Resource Corp.'s Caspiche would be a major step in derisking the project, particularly with respect to the oxide/heap-leach option, which we view as being otherwise straightforward. . .we calculate the company to have a market cap of $53M, no debt and cash and equivalents of ~$33M. . .preliminary testing earlier this year suggested that potential rates of over 200 liters per second (l/s) would eventually be possible, which would provide sufficient water for any of the options outlined in the Caspiche PEA; the standalone oxide/heap-leach option, Exeter's immediate focus, would require less than 50 l/s."

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SomaBull, Seeking Alpha (8/27/14) "Exeter Resource Corp.'s Caspiche is one of the largest new discoveries in South America in the last decade, with current reserves of 19.3 Moz gold and 4.6 Blb copper. . .the Caspiche deposit has one big advantage compared to other massive gold-copper deposits, which is that it has an oxide gold zone on surface and a high-grade gold-copper core below it, meaning that the deposit could become a smaller scale project by initially just mining the oxide ore. . .Chile has a very clear and transparent development process for mining companies and the country provides a mining friendly climate with a politically stable government."

The Gold Report Interview with Doug Loud (7/23/14) "We still like Exeter Resource Corp. a lot. . .the company pared back its Caspiche project from a major copper-gold porphyry, whose capital expenses would be around $4.5B, to a $200M capex oxide-only project that stands on its own two feet and should be very profitable. If commodity prices rise enough to attract capital for large projects once again, the underlying porphyry will still be there for further development." More >

SADIF, Marques Mendes & Associados Lda (4/11/14) "Exeter Resource Corp.'s long-term investment attractiveness is driven by price attractiveness. . .the company currently has a Price StockMark rating of 85, indicating that the market is undervaluing its long-term fundamentals."

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