The Gold Report
Notable Quotes
"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More >
"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More >
"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More >
"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More >
"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More >
Reducing 12-Month Price Target on Copper Mountain
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PETER CAMPBELL, Jennings Capital Inc.
(06/23/2009)
"Copper Mountain Mining Corporation continues to advance its Copper Mountain Project and has commenced construction. The company has thus far delivered on every objective: (1) it released a feasibility study; (2) exploration success significantly increased resources; and (3) it is advancing negotiations for partnership, financing and off-take with Mitsubishi Metals Corp. We rate CMMC's project with a much lower risk profile as compared to many other development-stage projects, since it is fully permitted and has significant infrastructure already in place. An overhang on the story has been CMMC's inability to convert the MOU with Mitsubishi. Deadlines to complete the deal have twice been extended, the current deadline being July 31, 2009. Provided CMMC closes the deal with Mitsubishi—which we strongly believe it will—we estimate that the company will need to raise approximately $110 million for its contribution to the expected $440 million Capex project. We have reduced our 12-month target price to C$3.00 per fully diluted fully financed share from C$4.40, primarily on updated financing assumptions to reflect Copper Mountain's recent share price and delays in completing the Mitsubishi deal." |
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