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Timmins Gold Corp.

TICKER: TMM:TSX; TGD:NYSE.MKT

Timmins Gold Corp. is well positioned for continuous growth as a gold production and development company. The company owns and operates the open-pit, heap-leach San Francisco Gold Mine in Sonora State, Mexico. Timmins Gold's experienced management team has delivered increased mine life and expanded production year over year since commercial production began in 2010. On the exploration front, Timmins Gold has over 200,000 hectares of claims contiguous to the mine along the highly prolific Northern Sonora Gold District. Past exploration success around the mine has significantly increased gold resources and reserves.


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:

Andrew Kaip, BMO Capital Markets (7/29/14) "Timmins Gold Corp.'s Q2/14 earnings were in line with our expectations. The company's current cash position of $56M and our forecast of $7.5M of free cash flow over H2/14E at spot metal prices should be sufficient to easily extinguish the remaining CA$13M principal balance on the Sprott loan facility by year-end."

Derek Macpherson, M Partners (7/29/14) "Timmins Gold Corp. released Q2/14 financial results that we would characterize as essentially in line. The company reported revenue of US$42.4M which was in line with our estimate, along with cash flow per share of US$0.08, EPS of US$0.02 and cash costs of US$730/oz. Cash costs came in below expectations, which helped offset much higher than expected general and administrative costs. . .the company's continued operational execution supports our view that although processed grade is expected to decline for the balance of the year, Timmins' 2014 guidance is achievable."

Ovais Habib, Scotia Capital (7/10/14) "Timmins Gold Corp. reported Q2/14 gold production of 32.9 Koz, 4% above our estimate of 31.5 Koz but a 7% decrease from Q1/14. . .the production beat versus our estimate was due to better calendar-quarter gold recoveries (72% versus our estimate of 66%) offset by a slightly lower processed gold grade for the quarter (0.65 g/t versus our estimate of 0.68 g/t). . .we believe the company can realize additional efficiencies from ongoing optimization."

Philip Ker, PI Financial (7/10/14) "Timmins Gold Corp. announced further strong gold production of 32,932 oz for Q2/14. . .a direct result of higher-than-expected recoveries (72.1% versus our estimate of 63.5%). . .the beats in production and recovery have increased our annual production target to the high end of management's guidance of approximately 125Koz, reduced our targeted annual cash costs to $803/oz. . .positive operations are leading to free cash flow: Another beat in gold production should lead to lower-than-expected cash costs (per ounce sold) when the company reports its Q2/14 financial results."

Derek Macpherson, M Partners (7/10/14) "Solid production results should lead to continued free cash flow generation: Timmins Gold Corp. announced Q2/14 production results that were slightly ahead of our estimates. . .which appears to be related to better-than-expected recoveries (72% versus our estimate of 67%). . . .the positive production results should be a first step in increasing investor confidence. . .we are increasing our 12-month target price to CA$2.50/share. . . the company's low balance sheet leverage, operational experience and improving valuation may allow it to grow via acquisition."

more comments

Derek Macpherson, M Partners (7/10/14) "Timmins Gold Corp. announced Q2/14 production results that were slightly ahead of our estimates with production of 32.9 Koz Au at a head grade of 0.65 g/t. . .we now model free cash flow of $5.7M in Q2/14. . .we believe that the company's next leg of near-term growth is likely to come via an acquisition. We are maintaining our Buy recommendation and increasing our 12-month price target to CA$2.50/share. . .the company's low balance sheet leverage, operational experience and improving valuation may allow it to grow via acquisition."

Andrew Kaip, BMO Capital Markets (7/10/14) "Timmins Gold Corp. announced Q2/14 production of 32.9 Koz gold, ~2% above our estimate of 32.3 Koz. The slight beat was attributed to better-than-expected recoveries. . .gold grades delivered to the pads (0.65 g/t over Q2/14) appear to be converging toward reserve grade (0.54 g/t)."

Joseph Fazzini, Dundee Capital Markets (7/10/14) "This morning, Timmins Gold Corp. announced its Q2/14 operational results and reported production of 33 Koz Au, beating our estimate of 29 Koz Au. We attribute the better-than-expected production primarily to improved recoveries, which averaged ~72% in the quarter versus historical recoveries of ~62%. . .this is the second consecutive quarter where the company has had elevated recoveries."

Scott Wright, Zeal Reports (7/3/14) "Timmins Gold Corp. has the makeup to be an investor favorite as gold's bull gets its legs back underneath it; there aren't many low-cost, unhedged gold producers with exceptionally strong longevity, and the company is among the best. It has performed very well with gold in the past, and it ought to continue to do so in the future."

Joseph Fazzini, Dundee Capital Markets (7/2/14) "This morning, Timmins Gold Corp. announced that it has reached a settlement with Sentry Investments Inc. . .the settlement ends the potentially costly proxy contest and allows management and the new board to return their focus to optimizing operations and unlocking shareholder value. With a new more independent board in place, we believe the company is now better positioned to move forward with asset optimization."

Joseph Fazzini, Dundee Capital Markets (6/23/14) "This morning, Timmins Gold Corp. announced its own slate of new independent directors ahead of the July 31 annual general meeting. . .whatever the outcome, we believe the recent events continue to draw attention to the undervalued nature of the company. As the process continues, we believe this should help to further unlock value for shareholders. . .our Buy rating remains unchanged."

Joseph Fazzini, Dundee Capital Markets (6/2/14) "We consider Timmins Gold Corp.'s San Francisco mine to be a solid, free cash flow generating, well-located mine (Mexico) with an extensive mine life (9.5 years) and low-all in costs (US$1,117/oz in 2014); given these metrics, we believe the asset would be a welcome addition in the portfolio of a larger producer looking to add production and cash flow. Whether under the current board or a substantially revised one, we believe the current events will help draw investor attention to the undervalued nature of these assets and in turn, help unlock value for Timmins shareholders."

Derek Macpherson, M Partners (6/2/14) "Timmins Gold Corp. has had a dissident shareholder action launched against it by Sentry Investments Inc. . .we are maintaining our Buy recommendation and our 12-month target price of CA$2.10/share. . .while a proxy fight could distract management in the near term, as well as result in increased legal costs, it is unlikely to impact our fundamental value, as operations are nearing steady state."

The Gold Report Interview with Ian Parkinson (6/2/14) "Timmins Gold Corp. is a single-asset story and that may help explain the underappreciation of the name. It has solid cash flow, solid earnings per share but not a great deal of growth beyond the San Francisco mine in Mexico. Having said that, in a higher gold price environment the company's land package has some exploration upside. Timmins added crushing capacity last year and made incremental improvements on the ground without spending a lot of capital. Timmins is a solid operating group doing what it said it was going to do, exceeding expectations the first part of the year and operating in a very safe part of the world. . .AuRico's El Chanate mine is geologically similar to Timmins' and not too far away. If you're looking for consolidation stories, it makes a lot of sense." More >

Joseph Fazzini, Dundee Capital Markets (5/29/14) "We recently joined Timmins Gold Corp.'s management on a tour of their San Francisco gold mine. . .the tour confirmed many of our expectations, and the operation appears to be running well. In addition, this morning the company announced plans for a $5M exploration program this year for three targets near its existing operations."

Philip Ker, PI Financial (5/29/14) "Timmins Gold Corp. announced a $5M regional exploration program that will test three regional targets all within relative proximity (2–16 km) of the San Francisco operation. With the recent success and cash generation attributed to rising production levels at San Francisco, the company has become more financially stable in order to initiate a new exploration campaign."

Andrew Kaip, BMO Capital Markets (5/29/14) "Timmins Gold Corp. announced a US$5M exploration program for 2014, with the focus of conducting first stage drilling on the North trend, Marisol and Las Barajitas targets. . .we like the exploration potential within the company's land holdings."

Andrew Kaip, BMO Capital Markets (5/27/14) "Timmins Gold Corp. has moved the San Francisco mine towards improving performance with a 10-year reserve base allowing the company to begin to focus on greenfield exploration. BMO Research likes the exploration potential within the Timmins land holdings; however, the early stage nature of priority targets means investors will have to wait a while before the company can daylight value."

Stuart McDougall, Jennings Capital (5/1/14) "Yesterday, Timmins Gold Corp. released Q1/14 financial results, reporting EPS of $0.05 and operating CFPS of $0.12, versus our expectations for $0.02 and $0.06, respectively. . .our target implies a 14% return over the next year and warrants the continuation of our Buy rating."

Philip Ker, PI Financial (4/30/14) "Timmins Gold Corp. announced its Q4/13 operating and financial results from its flagship San Francisco operation. The company prereleased Q1/14 record gold production and sales resulting in net earnings of $8.1M, or $0.05/share, which is a beat to our estimate of $0.04/share for the quarter. Additionally, combined with the record production levels, the quarter was highlighted with low all-in sustaining costs of $790/oz and reduction in its long term debt ($4.5M) and accounts payable ($8.5M)."

Andrew Kaip, BMO Capital Markets (4/29/14) "Timmins Gold Corp. reported headline and adjusted Q1/14 EPS of $0.05, in line with our expectations. . .the company finished Q1/14 with a cash balance of $44.4M, which includes net proceeds from the CA$26.7M bought deal financing completed in February."

Joseph Fazzini, Dundee Capital Markets (4/29/14) "Following Q4/13's positive free cash flow (FCF) of US$8.7M, we expect Timmins Gold Corp. to generate ~US$6.4M of FCF in Q1/14. With the majority of its capital programs completed (sizeable drill program and crushing expansion work), we expect the company to continue generating positive FCF in 2014. . .by delivering operationally and generating consistent FCF, we expect Timmins to rebuild investor sentiment and close the valuation gap with its heap-leach peers over time."

Zacks Equity Research (4/25/14) "Timmons Gold Corp. could be an interesting play for investors. . .not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front. . .these positive earnings estimate revisions suggest that analysts are becoming more optimistic on the company's earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these timeframes over the past four weeks, suggesting that Timmins could be a solid choice for investors." - Zacks Equity Research

Joseph Fazzini, Dundee Capital Markets (4/9/14) "With its third consecutive quarter of record production, we believe Timmins Gold Corp. continues to make progress towards rebuilding investor sentiment. With meaningful free cash flow expected to be generated this year, we maintain our Buy rating and $1.75 target."

Derek Macpherson, M Partners (4/9/14) "Timmins Gold Corp.'s strong operational results should see a second consecutive quarter of free cash flow. The company announced Q1/14 production results that were slightly ahead of our estimates. . .we continue to believe that Timmins' derisked cash flows for 2014 are likely to attract a premium valuation as investor confidence improves."

Andrew Kaip, BMO Capital Markets (4/9/14) "Timmins Gold Corp. reported Q1/14 gold production of 35.2 Koz, ~19% above our estimate of 29.6 Koz. . .the production beat was due to the company's ability to mine above processing rates and deliver higher-grade ore (0.76 g/t gold versus our estimate of 0.56 g/t) to the leach pad. . .incorporating production and sales has increased our Q1/14 EPS estimate to $0.05 from $0.01."

Philip Ker, PI Financial (4/9/14) "Timmins Gold Corp. announced record gold production of 35,197 oz for Q1/14, which is a beat to our target of ~33,700 oz and is a direct result of higher-than-expected grades and throughput to its optimized crushing circuit. . .the record production during Q1/14 is a good sign that the increased crushing capacity at San Francisco is aiding increased production levels."

Ovais Habib, Scotia Capital (4/9/14) "Timmins Gold Corp. reported Q1/14 gold production of 35.2 Koz, 8% above our estimate of 32.6 Koz and a 3% increase over Q4/13. The production beat versus our estimate was due to higher gold grades (0.76 g/t Au versus 0.7 g/t Au) and also slightly better-than-expected calendar-quarter gold recoveries of 68% versus 67%."

Andrew Kaip, BMO Capital Markets (4/8/14) "Timmins Gold Corp. announced Q1/14 gold production of 35.2 Koz, ~19% above our estimate of 29.6 Koz. . .the production beat was due to the company's ability to mine above processing rates and deliver higher-grade ore. . .the strong quarter of production is a solid first step toward achieving full-year production guidance of 115 Koz gold."

The Gold Report Interview with Oliver Gross (4/2/14) "I have a Buy rating for junior producer Timmins Gold Corp. Its San Francisco gold mine in Mexico is one of the lowest-cost producers in the world." More >

Erik Bermel, M Partners (3/10/14) "Timmins Gold Corp. announced Q4/13 results that were generally in line with our estimates . . .an improved 2014 outlook [has the] potential to surprise. . .we now expect stockpiling of lower grade ore to end in Q2/14. . .we now anticipate annual production of 124.5 Koz gold, which is at the top end of management's 2014 production guidance of 115–125 Koz gold. . .we believe that as the company continues to demonstrate its ability to generate free cash flow over both the near- and long-term, it should rerate toward similar cost-structure peers."

Joseph Fazzini, Dundee Capital Markets (3/7/14) "Timmins Gold Corp.'s Q4/13 free cash flow (FCF) came in at $8.7M, beating our estimate of $6.2M, primarily due to lower-than-expected capital spending. With its infill drill program complete and little expansion capital planned, the company should be well positioned to continue generating meaningful FCF in 2014."

Philip Ker, PI Financial (3/7/14) "Timmins Gold Corp.'s record Q4/13 production combined with in line all-in sustaining costs (AISCs) and receipt of $5.3M for a value-added tax contributed to higher-than-expected free cash flow. . .with a majority of capital-intensive projects completed at San Francisco, the company is now positioned to capitalize from low AISCs and good profit margins in order to continue adding cash and strengthening its balance sheet."

Derek Macpherson, M Partners (3/7/14) "Timmins Gold Corp. announced Q4/13 revenue of $41.5M, EBITDA of $15.2M, CFPS of $0.10 and cash costs of $723/oz. Results were generally in line with our estimates while slightly ahead of consensus. . .free cash flow begins as San Francisco reaches a steady state."

Andrew Kaip, BMO Capital Markets (3/7/14) "Timmins Gold Corp. reported headline Q4/13 EPS of US$0.03. . .the adjusted EPS beat was largely attributable to a lower-than-expected current tax expense. . .earnings came in above BMO Research's expectations. The recently completed equity issuance improves the company's cash position leading into a more capital-intensive period of the San Francisco mine plan."

Andrew Kaip, BMO Capital Markets (2/26/14) "Timmins Gold Corp. expects to produce at least 115 Koz gold from San Francisco over 2014E. . .the company plans to begin production at La Chicharra in 2016E. . .Timmins is also actively exploring 200 kha of contiguous mining claims within the Northern Sonora gold district."

Philip Ker, PI Financial (2/13/14) "Timmins Gold Corp. recently closed a CA$28.4M bought-deal financing at $1.50/share. . .this financing allows the company to significantly strengthen its balance sheet at a turning point of the San Francisco operation, where substantial capital expenditures have dwindled and increasing free cash flow becomes imminent. The cash injection brings our estimated working capital to ~$63.6M and we anticipate Timmins announcing a 2013 end-of-year cash balance of ~$18.5M in its upcoming financials (prior to this financing)."

Stuart McDougall, Jennings Capital (1/27/14) "Timmins Gold Corp. has been a capable junior operator, consistently delivering profits from its San Francisco mine. . .preliminary operating results for Q4/13 suggest a continuation of this trend, setting the company up for another profitable year. . .we are initiating coverage on Timmins Gold with a Buy recommendation and 12-month target price of CA$1.75 per fully diluted share."

Joseph Fazzini, Dundee Capital Markets (1/23/14) "On Jan. 22, Timmins Gold Corp. announced a bought-deal financing for gross proceeds of $25M. . .we feel the equity raise benefits the company in that the new funds will be used to clean up the balance sheet and greatly improve Timmins' financial flexibility going forward. . .we maintain our Buy rating."

Erik Bermel, M Partners (1/22/14) "Timmins Gold Corp. announced a bought-deal equity financing with expected gross proceeds of CA$25M. . .net proceeds from the offering will be used for general corporate, including debt repayment and working capital. . .with expansion spending behind it, the company should generate free cash flow in 2014."

James Fraser, Visual Capitalist (1/16/14) "Timmins Gold Corp. is growing production in 2014 and has an all-in sustaining cash cost below $1,000/oz. Insider ownership within the company is the highest out of the five Mexican gold producers we have covered."

Philip Ker, PI Financial (1/13/14) "Timmins Gold Corp. announced its Q4/13 production results from San Francisco, which reported 34,166 oz gold versus our estimate of ~33 Koz gold. . .the record production during Q4/13 is a good sign that the increased crushing capacity at San Francisco is aiding increased production levels. . .we reiterate our Buy recommendation."

Andrew Kaip, BMO Capital Markets (1/13/14) "Timmins Gold Corp. announced Q4/13 gold production of 34.6 Koz, 3.7% above our estimate of 33.3 Koz. The company's payable production came in at 33.2 Koz gold, in line with our estimate."

Joseph Fazzini, Dundee Capital Markets (1/10/14) "We expect Timmons Gold Corp. to report its Q4 (and full-year) production estimates early next week and our model calls for Q4/13 production of 32 Koz Au. . .average daily crushing capacity is forecast to have increased to ~23 Ktpd in Q4/13. . .the company will have notably lower capex requirements next year and thus, we expect all-in cash costs to remain compelling at ~$US1,090/oz. . .by delivering on the operational front, generating free cash flow and building up its cash position, we expect Timmons will be able to rebuild investor sentiment over time."

Erik Bermel, M Partners (12/16/13) "Timmins Gold Corp. announced today that it reached an agreement with Sprott Resource Lending Partnership to extend its CA$18M loan facility. . . we continue to have confidence in the company's balance sheet and believe the share price should react favorably to the extension. . .we believe that as Timmins demonstrates the ability to generate free cash flow over both the near- and long-term it should rerate toward similar cost-structure peers, which trade at a premium."

Joseph Fazzini, Dundee Capital Markets (12/16/13) "Timmins Gold Corp. has announced a one-year extension to its $18M credit facility with Sprott Resource Lending Partnership. . .in completing this arrangement, the company has successfully alleviated investor concerns by removing a near-term financing overhang. . .Timmins is well positioned to repay the entire debt balance in 2014 through a combination of cash on hand ($14.4M) and free cash flow and as such, we reiterate our Buy rating."

Brian Szeto, Stonecap Securities (12/16/13) "Timmins Gold Corp. has announced that it has agreed with Sprott Resource Lending Partnership to an extension to the term of its existing $18M credit facility: The new credit agreement will have a term of 12 months from Jan. 1, 2014. . .fortunately, with no additional exploration spending in Q4/13 and only a limited amount of deferred stripping in Q4/13, Timmins should be in a position to rebuild its cash position."

Jay Taylor, Gold, Energy & Tech Stocks (11/22/13) "Q3/13 was a record production quarter for Timmins Gold Corp. with 29,139 oz gold produced. Management was able to generate some free cash flow during a quarter where it had significant capital expenditures. . .even at current low gold prices, the company remains self-financed and expects to generate free cash flow for the remainder of the year."

Erik Bermel, M Partners (11/18/13) "Timmons Gold Corp.'s recently completed resource update and mine plan has extended reserve life to almost 10 years. . .we expect the company to generate free cash flow in Q4/13 and into 2014 even if gold prices fall below current levels. . .the resource update should build investor confidence in operations being viable at current gold prices or lower over the medium to long-term."

Peter Grandich, The Grandich Letter (11/11/13) "Timmins Gold Corp. has now completed its expansion, and is one of the lowest-cost producers out there; the company is well positioned to start generating some significant free cash flow. Once the price of gold starts to show some positive upside momentum, it is companies like Timmins that can show the greatest gains."

Andrew Kaip, BMO Capital Markets (11/11/13) "Timmins Gold Corp. announced an updated reserve and resource estimate along with a revised mine plan for the San Francisco gold mine. . .the company reported reserve growth of 20% to 1.6 Moz gold. . .the revised mine plan outlines life-of-mine annual production of 122 Koz gold over ~9.5 years."

Adam Graf, Cowen & Co. (11/8/13) "Timmins Gold Corp.'s 100%-owned San Francisco mine is on track to meet 125 Koz Au in 2013. . .the company is managed by a sound operating team, which succeeded in achieving goals by expanding nameplate capacity from 10 Ktpd originally to the current 24 Ktpd. The mine is expected to reach 30 Ktpd capacity by 2014."

Brian Szeto, Stonecap Securities (11/7/13) "Timmins Gold Corp. has announced its updated reserves and resources estimate as well as its new mine plan for its 100%-owned San Francisco mine. . .the new mine plan envisions a 122 Koz/year operation with a mine life of 9.5 years. . .we continue to believe that with 3.7 Moz in total global resources, the mine life at San Francisco will continue to be expanded upon."

Henry Lazenby, Mining Weekly (11/6/13) "A recent drilling program has enabled Timmins Gold Corp. to update its Canadian NI 43-101 compliant 2P reserves by 20% net of depletion, compared with the previous July 1, 2011 estimate, to 1.59 Moz gold. . .the company also lifted its Measured and Indicated resources, including the reserves, by 30% to 1.87 Moz. . .over the estimated life of the mine, San Francisco is expected to produce about 1.16 Moz gold based on the current reserves."

Philip Ker, PI Financial (11/6/13) "Timmins Gold Corp. announced a new reserve/resource estimate and a subsequent new mine plan for its flagship San Francisco mine in Sonora, Mexico. . .the estimate outlined 91 Mt at 0.54 g/t totalling 1.59 Moz gold and represents a 43% increase in contained gold versus the previous estimate outlined in November 2011 (excluding depletion). At the present processing rate, this reserve can support a 9.5-year mine life with the potential of further upside through increasing confidence on the 122 Mt. . .we estimate that a 12-year mine life is more realistic as future tonnage is brought into mine reserves."

Joseph Fazzini, Dundee Capital Markets (11/5/13) "Timmins Gold Corp. announced an updated reserve and resource estimate as well as an updated mine plan. . .rolling the updated reserves into a new life-of-mine plan results in an updated 9.5-year mine life with average annual production of ~122 Koz. . .we believe the updated mine plan better reflects the current metal price environment given its emphasis on free cash flow (FCF) generation rather than production growth. With many producers struggling to generate FCF in the current environment, we believe this represents a positive step forward. . .with few small-cap gold producers generating FCF, we consider Timmons' all-in costs to be very competitive."

Andrew Kaip, BMO Capital Markets (11/5/13) "Timmins Gold Corp. released a resource and reserve update as well as a revised mine plan for its San Francisco mine. . .the company reported reserve growth of 20% (from the July 1, 2011 update) to 1.6 Moz gold. The revised mine plan outlines life-of-mine annual production of 122 Koz gold over ~9.5 years."

Erik Bermel, M Partners (11/5/13) "Timmins Gold Corp. released an updated resource estimate and mine plan for its San Francisco mine, which extended mine life from 5 years to 9.5 years as reserves grew by 20% (after depletion). . .[our] confidence is increased in the company's ability to generate positive free cash flow (FCF). . .we believe that as Timmins demonstrates the ability to generate FCF in both the near and long term, it should rerate toward similar cost-structure peers, which trade at a premium. . .we believe that the increased mine life should support our view that multiple expansion is likely allowing the company to rerate toward peers."

Michael Siperco, Macquarie Capital Markets (10/30/13) "Timmins Gold Corp.'s resource update and new mine plan could come as soon as next week. . .the update (incorporating 150,000m of new drilling) could add upside to our valuation."

Andrew Kaip, BMO Capital Markets (10/30/13) "Timmins Gold Corp. reported headline and adjusted Q3/13 earnings per share (EPS) of US$0.03. . .the slight EPS miss was attributable to higher-than-expected general and administrative expenses and depreciation, offsetting lower operating costs. The company also reported by-product cash costs of US$738/oz gold, below the BMO Research [forcast of] US$809/oz gold. . .Timmins is rated Outperform with a CA$2.75 target price."

The Gold Report Interview with Derek Macpherson (10/22/13) "In Mexico, you want to look for companies that have low all-in cash costs. For example, we like Timmins Gold Corp., which sold off on the royalty news. We think the selloff was unjustified, because the company has generally low all-in cash costs and higher margins than many of its peers. . .once Timmins' resource report comes out, the stock should move up as investor confidence improves. There has always been concern about Timmins' long-term grade profile and the mine life at San Francisco. The pending resource update will answer those questions. . .considering its cash cost profile, Timmins is trading below three times 2014 EBITDA. If you look at the company's low cash cost peers in Mexico, similar open-pit, heap-leach operations trade at six to eight times EBITDA." More >

Philip Ker, PI Financial (10/10/13) "The record production during Q3/13 is a good sign Timmons Gold Corp.'s San Francisco is moving in a positive direction but further clarity is still needed from a long overdue updated mine plan for San Francisco. . .we expect expansion of a third crushing unit to be completed in Q1–Q2/14, which would bring daily throughput up to 30,000 tpd. . .the company continues to demonstrate positive operations from San Francisco. Notably during the quarter, strong recoveries were recognized at 64.7%, which are the highest on recent record."

Joseph Fazzini, Dundee Capital Markets (10/10/13) "Overall, we're satisfied with Timmins Gold Corp.'s Q3/13 operating results. . .the company is still slated to show a 25% production increase relative to 2012. With the daily crushing rate on the rise, cost cutting underway and production continuing to improve, we believe the stock has been oversold; hence, we maintain our Buy rating and $3 target on Timmins."

Brian Szeto, Stonecap Securities (10/10/13) "For Q3/13, Timmins Gold Corp. produced at its San Francisco mine 29,139 oz gold and sold 28,665 oz. . .overall grades were in line with our expectations (0.77 g/t gold versus our expectations of 0.79 g/t gold) and recoveries came in better than expected (64.7% versus our expectations of 60%). . .we continue to maintain our Outperform rating and a $3 target price."

Erik Bermel, M Partners (10/8/13) "Timmins Gold Corp.'s completion of expansion to 24 Ktpd in Q3/13 should lead to free cash flow (FCF) in Q4/13. . .a resource update is expected in early Q4/13. . .the mine life based on reserves could be extended to 10+ years. . .the updated resource should provide increased confidence in our view that the company can generate FCF in most gold price environments over the long-term. . .we believe that as Timmins demonstrates the ability to generate FCF in both the near and long-term they should rerate toward similar cost structure peers that trade at a premium."

Joseph Fazzini, Dundee Capital Markets (9/25/13) "The simple, cost-efficient nature of Timmins Gold Corp.'s San Francisco mine provides for competitive all-in cash costs. . .and the company's cash position remains solid. . .Timmins plans to release an updated resource in the next few weeks along with new mine plan that will reflect the company's efforts to convert inferred ounces into the Measured & Indicated category (and subsequently reserves). We expect the drill program will both expand the existing resource base and upgrade a sizeable portion of resources into reserves."

Derek Macpherson, M Partners (9/11/13) "We reiterate our Buy rating and $3.20 price target on Timmins Gold Corp. We believe the recent selloff offers a very attractive entry point; this is particularly true given its discounted valuation to peers and significant near-term catalyst."

Ian Parkinson, GMP Securities (9/10/13) "Since its acquisition in 2007, Timmons Gold has grown annual production [at the San Francisco gold mine] to the ~125 Koz/year range and established an operating track record. We see room for further growth from this asset. . .given the company's strong track record and high-quality assets, we see meaningful upside potential as investors recognize the value inherent in the stock. . .we are initiating coverage with a Buy rating and a $3 target. . .we view Timmons' combination of a successful operation with organic upside and a large collection of prospective holdings as an appealing investment opportunity."

Andrew Kaip, BMO Capital Markets (9/4/13) "The rebound in the price of gold, corresponding with a period of poor share price performance, has drastically improved Timmins Gold Corp.'s valuation relative to peers. The lower valuation improves the prospect for a rerate following successful completion of the plant expansion, updated reserves and resources statements, and a mine plan. . .we are upgrading the company to an Outperform rating."

Brian Szeto, Stonecap Securities (8/9/13) "Timmins Gold Corp. completed a sizeable exploration program in H1/13 that consisted of more than 135,000m of drilling at both the San Francisco and La Chicharra projects. . .we continue to expect to see a substantial increase in overall reserves from the current 1.3 Moz (at 0.57 g/t gold) and could see it reach the 2 Moz mark. . .with no additional exploration spending in H2/13 and approximately US$15–18M to be spent in Q3/13–Q4/13, the company should be in a position to rebuild its cash position over the remainder of the year."

Philip Ker, PI Financial (8/8/13) "Timmins Gold Corp. announced its Q2/13 financial results, reporting net earnings of $1.0M or $0.01/share and operating cash flow of $12.1M or $0.08/share. . .the company continues to maintain low cash costs at its flagship San Francisco mine. . .with further increases expected to San Francisco's crushing capacity up to 24 Ktpd by Q4/13, we continue to anticipate growing production levels over the course of 2013. . .the company's cost and production profile remains attractive under tighter margins from weaker metal prices, and we believe upside exists for Timmins as the company continues to minimize capex and strengthen its balance sheet."

Erik Bermel, M Partners (7/22/13) "We are initiating coverage on Timmins Gold Corp. with a Buy recommendation. . .the company has the majority of ramp-up risk and development capex behind it, setting it up to generate free cash flow in the current gold price environment. We believe the combination of favorable jurisdiction and low all-in cash costs has Timmins poised to rerate toward similarly located peers with comparable cost structures. . .the pending updated resource estimate could result in upside to our estimates as we believe both grade and mine life are likely to improve."

Philip Ker, PI Financial (7/18/13) "Timmins Gold Corp. announced Q2/13 production numbers from its San Francisco open-pit heap-leach operation, [achieving] 28,024 oz of production during the quarter in 2013. . .San Francisco has produced ~56 Koz of gold with a strong H2/13 expected as throughput gradually increases to target 24,000 tpd. . .based on steady recoveries, mining and processing 0.8 g/t and higher throughput levels, we believe the company will be capable of targeting its guidance of 125 Koz for 2013. . .and believe in management's ability to increase its crushing capacity."

Brian Szeto, Stonecap Securities (7/18/13) "Timmins Gold Corp. has reported its Q2/13 operating results for its San Francisco mine. . .the company produced 28,024 oz gold and sold 28,024 oz. . .overall grades came in better than expected. . .at present, we continue to rate the shares with an Outperform rating."

Joseph Fazzini, Dundee Capital Markets (7/18/13) "Timmins Gold Corp. announced operational results from its 100%-owned San Francisco mine in Mexico. In short, the company reported its Q2/13 production results of 28 Koz, which came relatively in line with our estimate of 29 Koz. . .we believe that Timmins' full-year guidance of 125 Koz is still achievable."

The Investment Doctor, Seeking Alpha (7/9/13) "Because of the relatively low all-in cost/oz gold and the robust balance sheet, I think Timmins Gold Corp. is headed toward a very bright future. I expect the company to increase its cash balance from $26.9M at the end of Q1/13 to approximately $35–40M by year's end. . .I expect a resource update that should considerably increase the amount of ounces in the ground, which will make Timmins more valuable."

The Gold Report Interview with Roger Wiegand (6/24/13) "One of the standards out there that has been very good to our readers for the last four years is Timmins Gold Corp. It is a steady play, always on the upswing. When the futures and the cash markets rise, Timmons runs alongside. The near-term price is between $2.50 and $2.75/share. We're looking at $2.85 to $3/share in the next 30–60 days, roughly." More >

The Gold Report Interview with Jay Taylor (6/17/13) "Timmins Gold Corp. is a company with good cash flow and is certainly in a position to grow organically from its San Francisco mine in Mexico." More >

Ivan Lo, The Equedia Weekly Letter (6/9/13) "In a recent article published by The Globe and Mail, Timmins Gold Corp. was named one of the top stocks that might appeal to anyone looking for a bargain on the TSX. . .Timmins showed a 33.3% return on equity and a P/E ratio of 8.3, which means it has a demonstrated ability to produce profits while also being considerably cheaper than the market norm. . .from a scale of 1 (Sell) to 5 (Buy), recent analyst consensus for the company was pegged at 4.5. You have to love a company that continually produces profits for its shareholders."

Andrew Kaip, BMO Capital Markets (5/30/13) "Timmins Gold Corp. has largely de-risked the San Francisco mine in Mexico over the last two years and is now in the position to grow production through low-cost optimization. . .the company provides investors with near-term growth with annual production projected to move into the 125—135Koz range in 2014. . .low sustaining capital requirements translate into superior free cash flow yield relative to peers."

The Gold Report Interview with Ivan Lo (5/24/13) "Timmins Gold Corp. is a favorite. The company continues to increase revenues, cut costs and expand its mine life with funds paid from production. It just had another record-breaking quarter. Its profit from operations grew 40%; earnings are up 155%; cash flow is up 50% or 51%, and it sold 30% to 35% more gold than it did last year. This is all at a cash cost per ounce on a byproduct basis of $703. That's an all-in cost. Even if prices fall to $1,000/oz, Timmins is still making money. In the gold space that's rare. . .it's still undervalued compared to its peers. Timmins isn't even close to being fairly valued. Some of the analysts have price targets double where Timmins is currently trading." More >

The Gold Report Interview with Peter Grandich (5/13/13) "Without a doubt, the best performer among my client companies has been Timmins Gold Corp. You really have to marvel at what it has achieved. Timmins began its quest to become a significant producer during the worst financial crisis in decades and is now a clear leader in the next generation of major producers. . .unlike many other gold stocks that have gotten creamed, Timmins did not decline close to them percentage-wise. It's a sign that investors have recognized it to be an amazingly well-run company that is either going to be an acquirer or a takeover target. It's doing too well to sit back. I would suggest that in 12 to 24 months we will learn that Timmins has gone on the acquisition trail, or was attempted to be taken over by a larger company." More >

Erik Bermel, M Partners (5/9/13) "With Timmins Gold Corp.'s in-line results and expansion initiatives on track, we continue to believe in the company's ability to generate cash flow, supported by low capex requirements and strong operating metrics. This stable production profile is coupled with near-term exploration potential and an updated mine plan; we are maintaining our Buy recommendation."

Stuart McDougall, Casimir Capital (5/8/13) "Timmins Gold Corp. has released Q1/13 financial and detailed operating results. . .record gold production and sales (28,328 oz and 28,642 oz, respectively) were prereleased in early-April. . .we expect resources to increase with the updated mine plan scheduled for completion in Q3/13. . .overall, we are encouraged by the results, particularly management's ongoing focus on costs, but are leaving our target and recommendation unchanged. That said, we note the potential for a beat on our 2013 forecasts, with management reiterating guidance for 125–130 Koz of production, at a cash cost of $700–750/oz."

Brian Szeto, Stonecap Securities (5/8/13) "Timmins Gold Corp. announced its Q1/13 financial results. . .the company reported better-than-expected earnings per share ($0.10 vs. $0.08) and cash flow per share ($0.16 vs. $0.15). . .cash costs came in at $703/oz, which was better than the full-year cash costs of $747/oz. . .cash costs are now at the lowest level since Q4/11. . .the company did not disappoint with its results. . .operationally, it is ramping up well as it targets to exit the year with a production rate in excess of 30,000 tpd. . .the next big catalyst will be the reserves and resources estimate update in mid-2013, which should see a substantial increase in the company's mine life to 8–10 years."

Joseph Fazzini, Dundee Capital Markets (5/8/13) "Timmins Gold Corp. released record production of 28.3 Koz gold for the quarter, as well as financial results for Q1/13. The company reported EPS of $0.10. . .and cash flow per share of $0.16 for the quarter. . .we expect to see additional positive news flow in the near term as the drill program at the San Francisco mine wraps up. Given the recent encouraging results, we continue to believe the company will materially increase the resource base in the Q3/13 update and in turn, should extend the mine's life."

Michael Siperco, Macquarie Capital Markets (5/8/13) "Timmins Gold Corp. followed up good operational results released in April with good financial results. Headline EPS was $0.10, with the adjusted number coming in at $0.09 versus consensus of $0.08 and our forecast of $0.07. . .operationally, the San Francisco project is ticking along as expected with throughput up to 20 Ktpd in the quarter and on the way to ~30 Ktpd in late 2013/2014 when the crushing expansion is completed. . .given the volatility in the gold price and the mixed operating/financial results seen industry wide, beating consensus and delivering on expectations has to be seen as a significant positive."

Erik Bermel, M Partners (5/1/13) "Timmins Gold Corp. announced drill results from its ongoing drill program at the San Francisco and La Chicharra pits, which continue to support a significant update to the resource and mine plan. . .the program continues to extend and expand mineralization at San Francisco and La Chicharra and could support an extension of the mine life to an estimated 10 years, which would derisk the current five-year mine life. . .management believes the results could point to the discovery of a new satellite deposit (in addition to the three new zones at La Chicharra). . .we are maintaining our Buy recommendation and our 12-month target price of $4.10/share."

Stuart McDougall, Casimir Capital (5/1/13) "Timmins Gold Corp. has released new drilling results at its San Francisco heap‐leach gold mine in Mexico. . .the company also released results from one of four step‐out holes collared 1km east of the San Francisco pit. Hole TFD‐141 intersected several lenses, including 1.5m grading 15 g/t gold, starting at 147m. . .an updated reserve/resource scheduled for release in Q3/13. . .we rate Timmons a Buy."

Peter Grandich, Grandich Letter (4/30/13) "Today, Timmins Gold Corp. demonstrated strong upside potential remains, and the share price has done well given the massacre in gold stocks and the take-down of the gold price. It would come as no surprise to see the company making new, all-time highs in conjunction with the resumption of the gold price above $1,600/oz."

Philip Ker, PI Financial (4/30/13) "Timmins Gold Corp. reported positive drilling results from its existing drill campaign. . .quality intercepts from within the current San Francisco pit as well as at La Chicharra confirms our thesis that an abundance of the Inferred resources will be converted to Measured and Indicated in an upcoming report and resource estimate anticipated in August/13. . .we expect the company to achieve 30% growth to its production profile in 2013. . .we are maintaining our Buy recommendation."

Stonecap Securities (4/22/13) "Our analysis illustrates that Timmins Gold Corp.'s open-pit, heap-leach operation (Sonora, Mexico) is profitable at any gold price environment that we have looked at. Under our current assumptions, we expect that the company will free cash-flow in excess of US$50M in 2013 and reach US$64M in 2014 once the La Chicharra satellite deposit is up and running. Even at a US$1,000/oz gold price environment, Timmins' operations continues to produce positive cash flow. . .the key reason why the company is able to achieve this feat is due to the low sustaining capex nature of its operations (i.e., US$3M per year based on our current estimates)."

Jay Taylor, Hotline (4/12/13) "Timmins Gold Corp. is on line to produce upwards of 100 Koz gold in 2013 at its San Franscisco mine. . .this company has an excellent potential to continue increasing its gold production and do it with internally generated funds."

The Gold Report Interview with Phillip Ker (4/12/13) "As for Timmins Gold Corp., I believe this is a pivotal year. It is working toward increasing gold production from about 95 Koz in 2012 to 130 Koz in 2013, while reducing cash costs through several different initiatives. The major increase in production comes as a result of increasing its crushing capacity. Several new crushing components have been installed during 2012 with a new circuit anticipated to come on-line for the nearby La Chicharra deposit that will ultimately bring daily crushing capacity up to 30,000 tpd. . .the 200,000m drill program should better define and bring a lot of the Measured and Indicated resources up into the Reserve category. This will aid in extending the total mine life of San Francisco as well as prove up additional reserves at its nearby satellite pit, La Chicharra." More >

Joseph Fazzini, Dundee Capital Markets (4/11/13) "After the release of Q1/13 production results from its wholly owned San Francisco gold property in Mexico, we believe Timmins Gold Corp. remains on track to meet 2013 production guidance of 125–130 Koz Au. . .the shares are currently trading below its peer-group average. . .this discounted valuation suggests to us an attractive entry point to either build or increase a position in the company at this time."

Stuart McDougall, Casimir Capital (4/10/13) "Timmins Gold Corp. reported record quarterly gold production of 28,328 oz, which was 10% better than our forecast, reflecting a 15% beat on grade. . .the company confirmed its expectations for increasing crushing rates as optimization measures continue. . .we continue to recommend the shares as a Strong Buy, which is warranted by the company's success to date and relatively low capital requirements over the balance of the mine life."

Philip Ker, PI Financial (4/10/13) "Timmins Gold Corp. announced record production of 28,328 oz Au for Q1/13 at its San Francisco mine. . .the company's flagship asset continues to achieve rising production levels while expanding its crushing circuit to target 30 Ktpd of throughput by year-end. . .we believe considerable upside could exist for the shares as it continues to increase its production profile, balance sheet and operating cash flow. . .we are maintaining our Buy recommendation."

Ingrid Rico, M Partners (4/10/13) "Timmins Gold Corp. produced a record 28,328 oz Au in Q1/13 at an average grade of 0.83 g/t Au, which was than our estimate. . .this is largely a reflection of higher throughput as the San Francisco mine starts to realize the benefit of the phase 2 expansion completed at the end of 2012. . .phase 3 of the expansion to 30 Ktpd, which should bring La Chicharra into production in Q3/12, which should start later in April. . .with a good start to the year, the company continues to deliver good operational performance. . .we are maintaining our Buy recommendation."

The Gold Report Interview with Peter Krauth (3/27/13) "We hold Timmins Gold Corp., a small producer whose San Francisco mine is in Mexico. The company had record gold production last year, a 27% increase YOY. It is expanding its crushing capacity, which should allow for another 25–30% growth in 2013. For a small producer, its P/E is 10.5, and its forward P/E is 7. It has a $28M cash balance and roughly $20M in debt. Timmins is very well run. It is a smaller producer with a great future.

"Timmins is expanding its crushing capacity, drilling off and expanding its resource. I believe that as it was drilling off and delineating more ounces, its finding costs were $10/oz—an incredible return. Its exploration program is relatively aggressive, but it also is confirming the gold in higher confidence categories." More >

Stuart McDougall, Casimir Capital (3/21/13) "Timmins Gold Corp. completed about 60,000m around the main San Francisco pit in January and February. . .another 100,000m is planned until May, mainly to infill that deposit's Inferred resource of 93.2 Mt grading 0.45 g/t Au. . .an updated mine plan will follow, with completion anticipated in late July or early August. . .we are reiterating our Strong Buy recommendation largely on the back of management's continued guidance for 125–130 Koz at a cash cost of $700–750/oz in 2013."

Brian Szeto, Stonecap Securities (3/21/13) "Timmins Gold Corp. announced its Q4/12 financial results. . .the company reported adjusted EPS of $0.08. . .Timmins prereleased its Q4/12 production results, where they produced 24,556 oz and sold 24,241 oz. . .the company's exploration program for 2013 consists of a 150km/$15M drill program that will consist of 100km of drilling at San Francisco and 50km at La Chicharra and other regional targets. . .Timmins had a solid quarter. . .although we are conservatively assuming a slightly slower ramp up at La Chicharra, we still expect that the company will generate free cash flow in excess of $50M in 2013."

Ingrid Rico, M Partners (3/21/13) "Timmins Gold Corp.'s 2012 cash flow from operations of $46.9M and earnings of $36.1M ($0.25/share) were in line with our estimate of $0.24/share. . .a good operational year that saw improvements in the operation, completion of the 22–24 Ktpd expansion and record production of 94,444 oz Au reflected well in the financial results, highlighted by the increasing cash flow generation."

Michael Siperco, Macquarie Capital Markets (3/21/13) "We expect strong free-cash-flow (FCF) generation to come for Timmins Gold Corp.: Using forward curve gold prices, we forecast FCF (prior to the planned $18M debt repayment in July) of $44M in 2013 (11% yield versus peers at 3%) and $64M in 2014 (16% versus peers at 7%). The company has held in well during the recent market turmoil, and we are looking for positive news flow over the next 3–6 months to support the stock and further valuation increases."

Joseph Fazzini, Dundee Capital Markets (3/19/13) "With $15–20M budgeted for a 200,000m drill program, we expect Timmins Gold Corp. will be successful in substantially increasing the current reserve base and extending the mine life. In addition, we look forward to results from drilling regional targets to the north and the east of the main San Francisco pit."

Peter Grandich, The Grandich Letter (3/13/13) "Timmins Gold Corp. has been a refreshing breeze in a sea of red. . .I think it's very important to note how well the company is doing on many fronts, none of them more important than free cash flow. . .the company continues to demonstrate it can be a model for the industry."

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