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 >
Copper Mountain Sets Up Construction Funding, Fends off Taseko
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STEVE PARSONS, Wellington West Capital Markets
(09/24/2009)
"Copper Mountain raises $50mm to develop namesake mine. Sells 43.5mm shares at $1.15. Offtake funding (debt & equity), and equip. leases make up the balance of the project funding needs. Remains cheap relative to peers on a P/NAV basis (0.5x NAV8%). Especially so considering CUM is among the most advanced near-term development projects in terms of financing, permitting, offtake deals. Taseko bid lends further credence to quality of this advanced project. Acquisition chatter remains heated, as miners look to roll up high-quality emerging producers. TKO and KGHM are the latest to enter the fray. Reiterate Strong Buy rating but lowering target to $2.70 on dilution. Our target is based on 0.9x multiple of our 8% NAV estimate of $3.00/sh ($3.25 old). More tangible takeout potential following Taseko proposal." |
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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.
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