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Red Eagle Mining Corp.

TICKER: RD:TSX.V

Red Eagle Mining Corp. is a well-financed gold exploration and development company with an experienced mine-development team. Management is focused on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but (until recently) limited modern exploration. The company is developing the 100 sq km historic Santa Rosa gold project, located in the Antioquia Batholith. Development will initially commence with the San Ramon gold deposit, where a positive feasibility study supports project advancement. Project financing and permitting are currently underway.


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:

Thibaut Lepouttre, Caesars Report (12/8/14) "Red Eagle Mining Corp. remains on track to develop its low-cost San Ramon mine. . .the company has had a very busy 2014, as it completed a feasibility study which outlines a low capex and low opex gold mine in Colombia. With an all-in sustaining cost per ounce of less than $775, the San Ramon mine will be viable, even if the gold price would drop towards $1,000/oz. The mining technical work plan was approved in Q3/14 as well, which means that Red Eagle only needs to secure one additional permit, and we expect this permit shortly."

Bob Moriarty, 321 Gold (11/17/14) "The numbers for Red Eagle Mining Corp. are outstanding and will get better. The management team is as solid as any I know in South America; they will raise the money for construction and will be in production in early 2016."

Jeb Handwerger, Gold Stock Trades (10/27/14) "Red Eagle Mining Corp. published a definitive feasibility study showing some of the best economics in the business on their San Ramon deposit in Colombia. All that they are waiting for is the final environmental permit, which could come soon."

The Gold Report Interview with Oliver Gross (10/27/14) "I like Red Eagle Mining Corp. in Colombia's Antioquia Department. Red Eagle's key deposit, San Ramon at its large Santa Rosa gold project, has amazing economics. Its September feasibility study outlines average production of 50 Koz gold per year over eight years with operating cash costs of only $596/oz and all-in costs of $763/oz. Positive economics include cash flow of $132M, an NPV of $104M and an internal rate of return of 53%. The capex is only $75M, and the payback period is just 1.3 years. Red Eagle needs one more permit to build one of the world's most profitable gold mines. What is really important to understand here is that this smaller-scale underground operation is only a starter point and Red Eagle has clear plans to significantly expand gold production in future. I visited San Ramon this year, and it exceeded my already high expectations. It has great infrastructure and exploration potential, great management and project team, and almost peerless community relations. I completely trust in the skills and visions of Red Eagle's CEO, Ian Slater, as well." More >

Thibaut Lepouttre, Caesars Report (10/13/14) "Red Eagle Mining Corp. is a company that is a perfect fit for investors looking for low capex and high margin projects. . .as the company's Santa Rosa project is very close to the large city of Medellin, the existing infrastructure at and around it is fabulous, which has helped to keep the capital and operating costs down to an amazingly low level. . .Red Eagle is still waiting for its final permit and will need to find $75M to get Santa Rosa up and running, but with these economics, we don’t expect any difficulties getting this project financed."

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Thibaut Lepouttre, Caesars Report (10/13/14) "Red Eagle Mining Corp.'s Santa Rosa will be built, at any gold price. . .Red Eagle is one of the companies that is a perfect fit for investors looking for low-capex and high-margin projects. . .Red Eagle's definitive feasibility study was impressive. . .once the environmental license has been improved, Red Eagle will be ready to impress."

The Gold Report Gold Conference Roundup with Jeb Handwerger (10/1/14) "Red Eagle Mining Corp. could have some of the highest margins in the industry." More >

Thibaut Lepouttre, Caesars Report (9/10/14) "Red Eagle Mining Corp. has announced the outcome of its feasibility study, and the result is much better than we anticipated. First of all, the initial capital expenditures decreased from $91M in the PEA to just $74M in the feasibility study. Additionally, the sustaining capital expenditures decreased sharply from $51M to $33M. . .the after-tax NPV5% using a gold price of $1,300/oz is approximately $108M with an internal rate of return of 52%, which is just great. As the company's payback period is just 1.5 years, Red Eagle should have absolutely no difficulties to raise the funds needed for the construction of the San Ramon project."

Tommy Humphreys, CEO.CA (9/9/14) "A smallish company, worth about $21M, Red Eagle Mining Corp. has its sights set on cash flowing roughly $50M in each of 2016 and 2017 (at $1,300/oz gold). Assuming the gold price holds or rises, the company could be a big winner for investors over the short and medium term."

Jeb Handwerger, Gold Stock Trades (9/9/14) "Red Eagle Mining Corp.'s feasibility study showed that at $1,300 gold the internal rate of return (IRR) is 52%; this may be one of the best economics in the junior industry at similar stage. Unlike some of the others with high IRRs, the company is still undervalued, trading at about a tenth of the other company valuation."

Ash Guglani, Salman Partners (9/9/14) "The results from Red Eagle Mining Corp.'s feasibility study were positive in comparison to the results from its September 2013 preliminary economic assessment. . .overall the results appear to be positive as we await the granting of the environmental license, which is the final permit required for the construction and mining of the San Ramon deposit."

The Gold Report Interview with Jeb Handwerger (8/11/14) "I recently returned from a site visit to Red Eagle Mining Corp.'s Santa Rosa project. The market cap is $20 million ($20M) and the company is 18 months from production. . .I took a large position in Red Eagle Mining in Colombia. I recently returned from a trip to Medellín to visit the Santa Rosa project with analysts from major financial institutions. I like the project for a few reasons. In my opinion it could be the first permitted major gold producer in Colombia. Red Eagle is only a few weeks away from publishing a bankable feasibility study on Santa Rosa, which should reach production in the next 18 months. It's a very large project—it could be a district, it's already 320 sq km. An earlier PEA showed production of around 50 Koz/year with cash costs around $620/oz. This means the mine could cash flow close to $60M even if gold stays around $1,300/oz. The PEA showed a payback period of 1.4 years, which is impressive. The bankable feasibility study should be published by the end of September.

[The share price not performing] because some people are concerned about the mining license. I was there and saw the community support, especially from La Universidad de Antioquia, the local university. It assisted the company with the development of the environmental impact studies. And COO Robert Bell has helped build 10 to 12 mines. It's going to have an exciting second half if Red Eagle gets the necessary financing and a mining license. It has a strong shareholder in Liberty Metals & Mining Holdings, which owns about 20%. Management owns around 12%.

[Red Eagle recently bought the San Ramon extension from AngloGold Ashanti Ltd.] It's a strategic piece of land on the exploration package. Some valuable opportunities could be there. One of the knocks on Red Eagle is that it doesn't have a huge resource, but the goal is to get into production. Once it is in production and generating cash flow, there will be further exploration to build reserves and resources. I believe there is a lot more gold there than most investors realize." More >

Jeb Handwerger, Gold Stock Trades (7/28/14) "Red Eagle Mining Corp. is only weeks away from publishing a bankable feasibility study on a project that I believe will come into production in the next 18 months. . .the company flies above the others as the Santa Rosa project has one of the best economic profiles in the junior mining business. . .it could be the first permitted, modern major mine in Colombia."

The Gold Report Interview with Oliver Gross (4/2/14) "Red Eagle Mining Corp. has found a lucrative, 5+ g/t gold ore body at its Santa Rosa project. Its key deposit, San Ramon, has very attractive economic numbers, even at lower gold price levels, and a fantastic return on investment. Also, there is great infrastructure access, which leads to positive cost reductions. Red Eagle is on track to reach feasibility this year. It also has great exploration and expansion potential at its huge flagship property.

What really makes this special is the low capex of about CA$85M. Financing shouldn't be a problem, as Red Eagle is backed by two financially sound, strategic investors that own more than 30% of the company. The first is Liberty Metals & Mining Holdings LLC, which is a daughter company of the insurance giant Liberty Mutual of Boston. The second-largest shareholder (after management) is Appian Natural Resources Fund L.P., a new mining-focused fund that is led by two successful former J.P. Morgan bankers. Red Eagle's CEO, Ian Slater, is a smart and talented manager who has put together an amazing team that is doing fine community work in Colombia." More >

Ash Guglani, Salman Partners (2/18/14) "This morning, Red Eagle Mining Corp. announced the commencement of a definitive feasibility study for its San Ramon gold deposit within its wholly owned Santa Rosa project in Colombia. The feasibility study includes the development of an engineered construction and operating plan, and is expected for completion in 2014. An environmental impact assessment has already been completed. . .we currently have a Speculative Buy recommendation with a 12-month target price of CA$0.55/share on Red Eagle."

Paul Harris, Colombia Gold Letter (1/30/14) "Red Eagle Mining Corp. expects to conclude its bankable feasibility study by year-end. . .the company announced results from ongoing surface rock channel sampling at its Pavo Real project in Tolima. Highlights included 6.1m at 9.03 g/t Au and 72.4 g/t Ag and 1.2m at 19.87 g/t Au and 64.1 g/t Ag crosscutting separate veins."

Thibaut Lepouttre, Caesars Report (1/13/14) "Red Eagle Mining Corp. has announced it sold another 1% Net Smelter Royalty (NSR) on a portion of the company's Santa Rosa gold project in Colombia to Liberty Metals and Mining for a consideration of $4.16M; this is excellent news as Red Eagle once again is able to raise cash without issuing additional shares. On top of that, the valuation of the NSR results in a total project value of $416M, which is substantially higher than Red Eagle's current market capitalization, even after applying a severe dilution factor."

Ash Guglani, Salman Partners (1/2/14) "Red Eagle Mining Corp.'s ability to complete a financing in the current environment (without diluting equity shareholders at depressed share price levels) highlights the strong economics of its San Ramon gold deposit on its Santa Rosa project in Colombia. We currently have a Speculative Buy recommendation with a 12-month target price of CA$0.55/share."

The Gold Report Interview with Thibaut Lepouttre (10/16/13) "A second project I like is on the other side of South America: Red Eagle Mining Corp.'s Santa Rosa gold project in Colombia. The company released a PEA in September, and if you look at the underground San Ramon zone, its net present value with an 8% discount rate is $92M. This is a 5.6 multiple over Red Eagle's current market cap of $16.4M. The company has $8.5M in cash, but it will have to make a $4.5M property payment in November. So let's say it has about $4M in unrestricted cash, which it could use to further advance the San Ramon zone and get it environmentally permitted." More >

Morning Coffee (9/20/13) "Red Eagle Mining Corp. announced the results from a positive preliminary economic assessment (PEA) for the San Ramon deposit on its 100%-owned Santa Rosa gold project located in Antioquia, Colombia. . .[highlights] include Measured and Indicated mineral resources of 446 Koz gold (2.7 Mt grading 5.10 g/t) and Inferred mineral resources of 111 Koz gold (0.8 Mt grading 4.16 g/t). . .development will initially commence with the San Ramon deposit, where the positive PEA supports project advancement."

The Gold Report Interview with Ash Guglani (8/26/13) "Red Eagle Mining Corp. has pushed for near-term production at its Santa Rosa gold project in Colombia. That's what I like about this story. It's not a massive deposit, but it is something that could be producing within a couple of years. It is an open-pit scenario, so Red Eagle could look at different alternatives to get Santa Rosa into production. The company is deciding now whether to go underground first. Red Eagle's market cap is about $12M. I think it has about $10M in cash. It has some great strategic investors, including Liberty Metals & Mining Holdings and Appian Capital Advisory out of London. Both groups have pretty good technical backgrounds. I don't expect to see a massive capex for Santa Rosa, and that's another reason I like it." More >

Ash Guglani, Salman Partners (5/28/13) "Red Eagle Mining Corp. announced its phase four drill program at the San Ramon deposit of its Santa Rosa gold project has been completed and all assay results have been received. . .over 90% of drill holes encountered economic mineralization, including high grades over significant intervals. . .the company plans to release an updated resource estimate in July 2013. . .we have a Speculative Buy recommendation on shares of Red Eagle."

The Gold Report Interview with Paul Harris (5/10/13) "Red Eagle Mining Ltd. has a 10-year production horizon at a smaller volume of perhaps 50 Koz/year at Santa Rosa. It's relatively high grade and near surface, so it should become a gold mine. . .Red Eagle hopes to have its PEA sometime in the second quarter, and then it's going straight to feasibility, which it says it will complete in the first quarter of 2014. . .it's got a resource of about 800 Koz. . .and was the first company in Colombia to readjust its strategy to focus on near-term production. It refocused on its San Ramon deposit at Santa Rosa to bring that into production, which will enable the company to survive and get some cash to do other work on its Santa Rosa concessions. " More >

Ash Guglani, Salman Partners (5/7/13) "We are initiating coverage on Red Eagle Mining Corp. with a 12-month target price of $0.55/share and a Speculative Buy recommendation. The company continues to rapidly advance San Ramon to production with the planned incorporation of the phase 4 drill program to form an updated resource estimate, which is to be used as the basis for an upcoming PEA."

Colombia Gold Letter (4/3/13) "Red Eagle Mining Corp. is moving toward a gold production decision at its San Ramon project in Antioquia. . .23,000m has been drilled to a maximum depth of 300m and 778 Koz Au identified in a maiden resource. . .the company is doing another 23,000m of drilling to bring the resources up to the higher Measured and Indicated category, with an underground Inferred resource that can be developed in the future. . .it is doing studies to mine up to 1.5 Mt/year."

Ash Guglani, Salman Partners (3/4/13) "Red Eagle Mining Corp. announced drill results from its ongoing phase 4 program at the San Ramon deposit of its Santa Rosa gold project. . . highlight intercepts include: Hole SR-168—36.1m at 2.64 g/t Au from a depth of 392.5m; Hole SR-172—0.6m at 157.7 g/t Au from a depth of 398.4m; Hole SR-175—4.1m at 12.75 g/t Au from a depth of 117.7m. . .as a result of the success from the phase 4 drill campaign thus far, the company has increased the program to 22,000m from 17,000m previously."

Morning Coffee (1/22/13) "Red Eagle Mining Corp. released its initial NI 43-101 resource estimate for its 100%-controlled Santa Rosa gold project in Colombia. The estimate included an Indicated resource of 7.34 Mt at 1.37 g/t gold containing 322 Koz gold and an Inferred resource of 9.45 Mt at 1.50 g/t gold containing 456 Koz gold."

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