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St Andrew Goldfields Ltd.

TICKER: SAS:TSX

St Andrew Goldfields Ltd. is a Canadian gold mining company with an extensive land package in the Timmins mining district in northeastern Ontario, Canada. The company operates the Holt, Holloway and Hislop gold mines and plans to produce 100 Koz gold in 2013. In addition to its producing mines, St Andrew is currently advancing the Taylor project through the development pipeline and has commenced exploration activities on an exciting 120-km-long package of claims that host the Porcupine-Destor fault zone, associated with numerous gold deposits and mines in the region.


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:

Henry Lazenby, Mining Weekly (7/8/14) "St Andrew Goldfields Ltd. reported positive results from an ongoing drilling campaign at the Smoke Deep zone at the Holloway mine. Among the highlights of the campaign that started earlier this year from underground platforms, were hole 905-05 that returned 13.07 g/t of gold over 31.6m; hole 905-21 that returned 11.1 g/t of gold over 8.9m and hole 945-03, which returned 18.35 g/t of gold over 2.2m. . .the company expected to produce between 75 Koz to 85 Koz of gold this year, after recording a record 99,548 oz of gold in 2013."

The Gold Report Interview with Michael Fowler (2/26/14) "St Andrew Goldfields has a very good team. It should be able to cut its all-in sustaining costs, particularly from the Holt mine. I'm optimistic that St Andrew can cut costs and also generate free cash flow. Maybe not by much, but its balance sheet is strong enough to sustain this present situation. It also has a very good debt deal with Scotia Bank. Its interest rate is somewhere in the region of 4%. That gives you an indication of what the bank thinks of St Andrew. It doesn't think that this company is a particularly big risk. It should give equity investors some encouragement.

St Andrew has a good development project called Taylor. It's very high grade. St Andrew has done some bulk samples from the deposit, got some good recoveries and got some cash out of it. It's going to be another incremental piece in its growth profile. It won't come this year. It will probably come in 2015. The company is going to have to keep an eye on its balance sheet and make sure that it doesn't overextend itself. St Andrew is a prime acquisition target, too. Brigus Gold Corp. is next door. Brigus is being acquired by Primero Mining Corp. I wouldn't be surprised if Primero starts looking again after taking over Brigus." More >

Christos Doulis, Stonecap Securities (10/11/13) "St Andrew Goldfields Ltd. offers investors good leverage to gold in a safe political jurisdiction and should be able to survive and generate modest free cash flow in the current (~$1,300/oz) gold price environment. . .the company has posted another quarter of production over 25 Koz and with production in the first nine months of 75,248 oz Au, remains on track to break the 100 Koz/year barrier. We are maintaining our Outperform rating and $0.50 price target."

Christos Doulis, Stonecap Securities (8/15/13) "St Andrew Goldfields Ltd. hosted a conference call following the release of its Q2/13 financial results. . .total production in the quarter was 25,353 oz Au at a total cash cost (including royalties) of $897/oz Au, down from $939/oz Au in Q1/13. . .cash at quarter end was ~$31.5M. . .providing St. Andrew with plenty of balance sheet flexibility. . .St. Andrew has delivered another solid quarter of results in-line with our expectations. With a reduced capital budget in H2/13, we expect St. Andrew to return to generating free cash flow in H2/13; we are maintaining our Outperform rating."

Michael Fowler, Loewen, Ondaatje & McCutcheon (8/15/13) "St Andrew Goldfields Ltd. reported quarterly production was up 10% and total cash costs per ounce were down 2.4% year-on-year. . .the company only recorded a small $0.3M free cash-flow outlay in the quarter, which was a very good achievement considering the dramatic fall in the price of gold. Even more positive is that capital expenditures in 2013 are H1 loaded and H2 should see $5.4M lower outlays. . .the company maintains a strong balance sheet and is one of the best among the junior producers; the cash position stands at $31.5M, working capital of $26.5M and an unused line of credit of $10M."

more comments

Christos Doulis, Stonecap Securities (7/5/13) "We expect total production from St. Andrew Goldfields Ltd. of ~25 Koz Au in Q2/13. . .production in Q1/13 was ~24 Koz Au. . .we will also be looking for the results of the bulk sample from Taylor and results from the company's recent exploration programs."

Eric Winmill, Casimir Capital (5/13/13) "St. Andrew Goldfields Ltd. has released its Q1/13 financial results. . .the company had a strong cash position of $32.1M, an undrawn revolving credit facility of $10M and long-term debt of $10.4M. . .This compares to last quarter's cash of $30.7M with long-term debt of $12.8M and the undrawn credit facility. . .we reiterate our Buy rating."

Christos Doulis, Stonecap Securities (5/13/13) "St. Andrew Goldfields Ltd. recently released its Q1/13 financial results showing another quarter of positive free cash flow. . .cash flow from operations was $14.1M with capex of $10M, resulting in free cash flow of $4.1M. . .we believe that the company is well positioned to continue to create value even in a lower gold price environment. . .we are maintaining our Outperform rating."

Michael Fowler, Loewen, Ondaatje & McCutcheon (5/10/13) "Importantly, St Andrew Goldfields Ltd. generated free cash flow of $4.1M during Q1/13. . .the company is now generating good free cash flow, making it financially one of the strongest small company producers in the Abitibi region. . .we therefore continue to rate the shares a Speculative Buy."

Eric Winmill, Casimir Capital (5/8/13) "We continue to view St Andrew Goldfields Ltd. shares as undervalued, given that shares are trading at 2.6x our 2013E cash flow per share (versus peers at ~4.3x). We contend that as the company continues to deliver predictable operating results with stable cash costs, the shares are apt to rerate higher."

Christos Doulis, Stonecap Securities (4/12/13) "With an increase in Q1/13 production of 16% over last year, St Andrew Goldfields Ltd. is on track to break the 100 Koz Au production barrier in 2013. . .we are maintaining our Outperform rating and $0.80 target price."

Michael Fowler, Loewen, Ondaatje & McCutcheon (4/12/13) "St Andrew Goldfields Ltd. reported Q1/13 production of 24,461 oz, which was very good considering the cold winter. This figure is slightly above our own estimates and there is a good chance that 2013 production will come in at the upper end of company guidance in the 95–100 Koz range. . .we continue to rate the shares a Speculative Buy."

Eric Winmill, Casimir Capital (4/11/13) "St Andrew Goldfields Ltd.'s Q1/13 production of 24,461 oz Au was just ahead of our estimate of 23,612 oz. . .we contend that as the company continues to deliver predictable operating results with stable cash costs, the shares are apt to re-rate higher. We reiterate our Strong Buy rating."

Eric Winmill, Casimir Capital (4/11/13) "St Andrew Goldfields Ltd.'s Q1/13 production of 24,461oz Au was just ahead of our estimate of 23,612 oz. . .the company continues to leverage a multi-mine platform as Holt and Hislop outperformed during the quarter while Holloway came in just below expectations. . .our price target remains unchanged at $0.90/share. . .St Andrew's shares remain inexpensive in our view. . .we contend that as the company continues to deliver predictable operating results with stable cash costs, the shares are apt to rerate higher; Strong Buy rating reiterated."

The Metals Report Interview with Arie Papernick (4/9/13) "We also follow St Andrew Goldfields Ltd. The company posted net income of $26M in 2012 and gold production was about 95 Koz. St Andrew is focused on growth and producing free cash flow. It has a strong balance sheet and is well positioned to take advantage of the current market climate. St Andrew would be a potential acquirer of an attractive junior that has fallen in this current market. The company is targeting similar production at similar costs for 2013, and for 2014 is targeting gold production of 120–130 Koz. The increased production target will be made possible once its Taylor project comes on-line. The company is waiting on results from the initial 15,000-ton bulk sample taken at Taylor, and then will take a second bulk sample at a deeper level to help mitigate risk. St Andrew also continues to be active in exploration and has been focusing on extending the mine lives of its three producing mines, Holt, Holloway and Hislop. It's also doing technical work on its Aquarius project to see how this fits into the future growth profile. . .St Andrew has a very strong balance sheet and it is cash-flow positive." More >

The Gold Report Interview with Christos Doulis (3/29/13) "The Canadian name that I think you should own. . .is St Andrew Goldfields Ltd. The company is in the Timmins Camp. I had a Hold on the company for quite some time and then I went to a Buy last fall. The company delivered three quarters in a row of free cash flow so it is adding to the treasury. St Andrew Goldfields also had some recent sexy exploration success beneath the Hislop pit. It's only one hole so it doesn't prove anything yet. But if it pulls a few more of those, it will start to define a high-grade ore zone. It's run by Jacques Perron who is a great operator. As much as it struggled in 2011, St Andrew Goldfields turned itself around in 2012 and it's very well positioned for 2013. I have an $0.80 target and the stock is currently trading at around $0.45/share." More >

Eric Winmill, Casimir Capital (3/18/13) "St Andrews Goldfields Ltd. released an updated reserve and resource report for all projects in the portfolio, including Holt, Holloway, Hislop, Taylor, Aquarius and the Clavos joint venture. . .notably, all projects experienced year-over-year increases in reserves and resources with the exception of Hislop. . .we maintain our Strong Buy rating."

Michael Fowler, Loewen, Ondaatje & McCutcheon (3/15/13) "St Andrew Goldfields Ltd. is progressing well on its plan of steady growth and solid performance generated by a good operating team. . .we are expecting the company to meet its gold production targets of between 95–105 Koz in 2013 and it will likely expand production to the 120 Koz level by 2014. . .we continue to recommend St Andrews shares as a turnaround situation; the company is now generating good free cash flow, making it financially the strongest small company producer in the Ontario Abitibi region. We therefore continue to rate the shares a Speculative Buy with a $1.06/share target."

Christos Doulis, Stonecap Securities (3/5/13) "St Andrews Goldfields Ltd. provided an exploration update. . .St Andrew’s exploration programs continue to define additional mineralization that will likely extend mine life at its current operations; the high-grade intercepts from Hislop are particularly exciting due to their close proximity to the existing pit. We continue to believe that St Andrew offers investors good leverage to gold in a politically safe, pro-mining jurisdiction; we are maintaining our Outperform rating and $0.80 target price."

Michael Fowler, Loewen, Ondaatje & McCutcheon (3/5/13) "St Andrews Goldfields Ltd. reported excellent drill results from Hislop and Holloway. . .we continue to recommend the company's shares as a turnaround situation. St Andrews is now generating good free cash flow, making it financially one of the strongest small company producers in the Ontario Abitibi region; we therefore continue to rate the shares a Speculative Buy."

Christos Doulis, Stonecap Securities (2/19/13) "St Andrew Goldfields Ltd. Q4/12 financial results showed free cash flow of $10.4M in the quarter, the third straight quarter of positive free cash flow, resulting in positive free cash flow for the year of $17.5M. . .the company posted another solid quarter of results and we expect it to continue to generate free cash flow while it grows its production profile, a rare trait among junior miners. . .we continue to view it as an inexpensive junior gold producer operating in a politically safe jurisdiction with excellent leverage to the gold price."

Michael Fowler, Loewen, Ondaatje & McCutcheon (2/19/13) "St Andrew Goldfields Ltd. reported good Q4/12 earnings. . .we continue to recommend the company as a turnaround situation. St Andrew is now generating good free cash flow, making it financially the strongest small producer in the Ontario Abitibi region."

Andrew Mikitchook, GMP Securities (2/15/13) "St Andrew Goldfields Ltd. released full Q4/12 results on Thursday after close; production of 25,829 oz was pre-released on January 10. . .company-wide cash costs of $745/oz are in line with our expected $790/oz. . .the company's flagship asset, the Holt mine, produced 15,082 oz at $573/oz (vs. our expected $668/oz) in the quarter. . .at Holt-Holloway, drilling has extended the strike length of the Ghost zone closer to the previously mined areas. Drilling is now underway to follow up on and step out from the areas returning encouraging results. . .we maintain our Buy recommendation and $0.80 target."

The Gold Report Interview with Eric Winmill (2/8/13) "Another is St Andrew Goldfields Ltd., an underground producer in the Timmins Camp. The company is completing a bulk sample from its Taylor underground project in 2013. As St Andrew continues to demonstrate consistent results, its shares could move higher. . .in 2013, we have St Andrew producing just over 100 Koz. The company is scheduled to release financial results later this month, which should provide more clarity on the 2013 outlook. . .when the company brings the Taylor underground project on-line, it will have four mines in production. We could see production climbing to over 125 Koz/year by late 2013, early 2014." More >

The Gold Report Interview with Michael Fowler (1/30/13) "We just put a report out on St Andrew Goldfields Ltd., a junior producer with mines in Ontario, Canada. Up until 2007, it had a terrible history, which it has now turned around. The company is producing free cash flow, has rising earnings and a good-looking future. It has good value because of its legacy and upside potential. . .it is producing 95,000 oz, with total cash costs just a tad over $900/oz, including royalties. . .St Andrews is mining better and the costs are going down by increasing throughput in the Holt mine. If you took away the royalties, St Andrews is probably mining close to the world average cash cost. It is a high-cost producer. But, along with the high costs, you get a very attractive share valuation. St Andrews is cheap. . .we see increased production in 2014, when the Taylor deposit comes fully onstream." More >

Christos Doulis, Stonecap Securities (1/11/13) "St Andrew Goldfields Ltd. provided its production numbers for Q4/12. . .production of 25,829 oz Au was in line with our forecast of 26 Koz Au for total 2012 production of 95,604 oz Au. . .we continue to view the company as an inexpensive, junior gold producer operating in a politically safe jurisdiction with excellent leverage to the gold price. We are maintaining our Outperform rating."

Henry Lazenby, Mining Weekly.com (1/10/13) "Timmins gold camp-focused St Andrew Goldfields Ltd. reported a strong performance during Q4/12. . .the company reported record Q4 production of 25,829 oz of gold from its Holt, Holloway and Hislop mines."

Michael Fowler, LOM (12/11/12) "The shares of St Andrew Goldfields Ltd. exhibit excellent value with an expected 35% compound annual growth in earnings (flat gold prices) and a 55% increase in gold reserves expected by 2014. . .the company has received negative investor perception for many years; this may change as it meets its future production forecasts. . .St Andrew's recent management has succeeded in putting the company on a solid operating platform. . .we estimate it has a NAVPS approximately four times its share price at current gold rates. . .we could see a dramatically higher share price."

Christos Doulis, Stonecap Securities (12/11/12) "St Andrew Goldfields Ltd.'s exploration programs continue to define additional mineralization that will extend mine life at its current operations. Of particular note, the producing Smoke Deep zone has been extended ~50m along strike. . .we are maintaining our Outperform rating."

Pope & Company Morning Notes (12/11/12) "St Andrew Goldfields Ltd. announced drilling results from the Ghost zone, located near the Holt mine, at the Hislop North project. . .drilling continues to return anomalous gold grades over significant widths, including drill hole H12-029 that returned the highest-grade drill intercept on the Hislop property to date. Expansion of the mineralization remains open in all directions."

Secutor Capital Management (11/13/12) "St Andrew Goldfields Ltd. Q3/12 financials demonstrate continued improvement in production and indicate that the company is on track to meeting its target production goal of 90–100 Koz at a total cash cost of $935 to $995/oz. This is St Andrew's second consecutive quarter of positive operating cash flow, which totaled $14.7M ($0.04/share) for the period. . .underground drilling at zone 4 and Smoke Deep is expected to commence in 2013."

Christos Doulis, Stonecap Securities (11/13/12) "St Andrew Goldfields Ltd. released its Q3/12 financial results. . .cash costs at Hislop improved dramatically during the quarter. . .costs at Hislop were positively impacted by the head grade of 2.53 g/t Au in the quarter. . .the Taylor Project remained on track, with stope access and development completed to the area of the first bulk sample program. . .this is the second straight quarter that the company has generated positive free cash flow and we expect it to continue to do so in the future. . .we are maintaining our Outperform rating and $0.75 target price."

Andrew Mikitchook, GMP Securities (11/13/12) "St Andrew Goldfields Ltd. reiterates its 2012 guidance of 90–100 Koz for 2012 and appears to have reached a 100 Koz/year production rate. . .in Q4/12, the company expects to see completion of the bulk sample program at Taylor as well as drill results from the Ghost, Zone 4 and Hislop North targets. . .we maintain our Buy recommendation."

The Gold Report Interview with Christos Doulis (11/9/12) "St Andrew Goldfields Ltd. has struggled, but I think it has turned a corner. . .here is how I see the St Andrew story. The company has three operating mines and a 3,000 tpd mill. One of the mines is a low-grade open pit that is used to maintain mill feed at capacity. Going forward, we should see crowding out of that lower-grade ore from the pit with higher-grade ore from the Holt mine that has recently come on-line. The head grade at the mill should go up quarter over quarter. Additionally, St Andrew is bringing on a project called Taylor. That project includes a bulk sample in the near future that will produce some gold but, more importantly, push the project toward a 2014 operational start. At that time, I see St Andrew as a 125 Koz producer. It will be relatively high cost, but in a safe jurisdiction. Funding is complete for the mines and the mill. In summary, St Andrew has turned the corner and has a compelling story and valuation." More >

Eric Winmill, Casimir Capital (10/24/12) "Given its extensive land package, St. Andrew Goldfields Ltd. has ample opportunities to supplement current production with further discoveries. Indeed, we understand that 85 targets have already been identified requiring further exploration work. . .with a forecast return of 140% to our target, we reiterate our Strong Buy rating."

The Gold Report Interview with Florian Siegfried (10/22/12) "St. Andrew Goldfields Ltd. has had a choppy ride in the last few quarters and is now attractive from a valuation standpoint. Based on the progress the company has made since the beginning of the year, we see a turnaround with bottom line net profits and operating cash flows. Production is growing steadily toward 100 Koz this year and costs are coming down. . .we like the experienced team headed by Jacques Perron and the location in Ontario, which is one of the best places to be for mining. The projects are rather high-grade underground operations, which is a positive factor because it makes for more stable operating margins when you have volatile gold prices. The company seems to be on track to achieve its production goal in 2012. . .the company is fully financed and both production and resources should grow in the next three to four years. . .the share price doesn't reflect underlying resources and the reserves in the ground." More >

Christos Doulis, Stonecap Securities (10/1/12) "St Andrew Goldfields Ltd. remains an Outperform and our target price increased to $0.75 from $0.65. . .the company offers investors strong exposure to gold in a politically safe jurisdiction (Canada). . .investments made at the Holloway-Hislop-Holt complex have set the stage for St Andrew to achieve ~100 Koz annual gold production. Furthermore, the Taylor project, anticipated to begin production in 2014, should further increase the annual production profile of the company to ~125 Koz and we do not anticipate St Andrew requiring additional sources of capital to complete this objective."

Christos Doulis, Stonecap Securities (9/17/12) "High-cost producers, such as St Andrew Goldfields Ltd., enjoy the greatest torque around a rising gold price and are cheap on a 2013 price per cash flow per share basis. The company has a balance sheet that precludes the need for immediate additional capital, offers good leverage to gold and has low political risk. . .St Andrew is compelling for investors seeking exposure to gold."

Andrew Mikitchook, GMP Securities (8/15/12) "St Andrew Goldfields Ltd. released full Q2/12 results on Friday—production of 23,016 oz was pre-reported July 10. Cash costs of $785/oz came in better than our expectations of $857/oz. . .based on the Q2/12 results and updates discussed during the conference call and corporate update, we maintain our Buy rating."

Tara Hassan, National Bank Financial (8/14/12) "St Andrew Goldfields Ltd. showed notable reductions in unit costs and cash costs quarter over quarter and expects to see additional reductions at Holt into 2013 as throughput ramps up. While we expect costs to stay relatively flat in H2/12, we highlight the potential for cost reductions in 2013, which could provide a positive catalyst."

Tara Hassan, National Bank Financial (8/13/12) "St Andrew Goldfields Ltd. reported Q2/12 results that were in line with National Bank Financial (NBF) and consensus expectations. . .the company pre-released better-than-forecasted Q2/12 production of 23 Koz vs. NBF's estimate of 21.1 Koz and Q1/12 of 21 Koz on the back of Holt. . .cash costs are improving. . .and St Andrew expects costs to trend down further with additional throughput increases. . .we are maintaining our $0.95 target price and Outperform rating."

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