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 >
Raymond James Raises Target on Copper Mountain
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ADAM LOW, Raymond James
(02/14/2011)
"We have updated our model following the closing of Copper Mountain Mining's recent CAD$40M equity financing. . .We recommend investors continue to hold Copper Mountain's shares as the company progresses to first production at the mine in mid-2011. We reiterate our Market Perform rating and we are increasing our target price to CAD$8.60. The company issued 5.68 million shares at CAD$7.05/share, for gross proceeds of CAD$40.0M. Management intends to use the funds for acquisitions, working capital and general corporate purposes. We have revised our net asset value to reflect the additional shares and cash from the equity financing, and our base metals commodity price update. Our revised NAV is C$10.79/share (previously C$8.49/share). Construction is on schedule and on budget: From our discussion with management, development of the Copper Mountain mine is on budget (we estimate a capital cost of US$450M) and on schedule to commence production of copper concentrates by midyear. . .Copper Mountain's shares trade at a P/NAV of 0.64x. Our target price of CAD$8.60 is based on a 0.80x multiple applied to our NAV/share of CAD$10.79 (in line with risk and liquidity-adjusted historic developer multiples)." |
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