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 >
Salman Raises Target on FVI
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HAYTHAM HODALY, Salman Partners Inc.
(08/13/2010)
"Revised commodity price assumptions coupled with the San Jose development project provides good leverage and growth—Fortuna still a BUY. Fortuna reported its second quarter financial and operating results, earning US$0.02/share on an adjusted basis, which is below both our estimate and the First Call consensus estimate of US$0.04/share. The adjustments indicated by the company include a US$1.18M mark-to-market gain on derivatives and US$2.44M in stock-based compensation recoveries (both of which are in after-tax dollars). We continue to value the shares of Fortuna using a multiple to mining assets and subsequently add back non-mining assets at face value. . .we maintain our BUY recommendation and introduce our revised target price of Cdn$3.20/share, up slightly from Cdn$3.10/share. This change reflects our expectation of continued improvements expected at Caylloma, continued optimism with respect to the commodities, as well as the growth potential presented by the company's San Jose development project in Mexico." |
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