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Freitag, 2. Dezember 2016

Junior-Gold- und Kupferproduzent K92 Mining: Positive Analysten-Kommentare nach Projektbesichtigung

Hierzu ein aktueller Bericht auf BNN:

K92 Mining impresses on first analyst tour of Kainantu

It didn’t take long after the first analyst tour of K92 Mining’s Kainantu Project in Papua New Guinea for bullish comments to start rolling in on this gold-copper asset that K92 acquired from Barrick Gold in 2015.

Production Fast Track with Massive Exploration Potential was the title of the Nov. 22, 2016 report issued by Clarus Securities analyst Nana Sangmuah after he spent time onsite in mid-November, alongside of other industry professionals from GMP Securities, Haywood Securities, and Macquarie. The site tour was hosted by K92 chief operating officer and director, John Lewins, and included visits to the underground operations, the processing facilities and surface infrastructure, and the large exploration tenements hosting multiple high priority exploration targets.

Further highlighting the upside, this post site visit report from Clarus notes, “We estimate a production growth rate of 200 per cent for KNT from 2017 to 2019, ahead of growth rate of peers averaging 21 per cent. Despite its compelling growth rate, KNT trades at a 0.3x P/NAV multiple, a ~60 per cent discount to junior producer peers trading at an average of 0.8x NAV.”

Haywood analyst Mick Carew commented in his initial post site visit report published on Nov. 23, 2016, “While the restart of mining at Irumafimpa represents a clear milestone for the Company, we see the medium- and long-term potential of the Kainantu project as particularly significant. With a recent PEA for the adjacent Kora deposit delivering a robust pre-tax NPV (five per cent) of US $415 million (US $386 million using an eight per cent discount rate) and an IRR of 113 per cent based on a 400,000 tpa operation, the current resource base at both Kora and Eutompi could be expanded.”

The past two months have been particularly busy for K92, with the company having commenced production from the Irumafimpa Deposit and then following it up by announcing the results of a PEA at the Kora Deposit, which is being targeted as the second deposit coming online. These two big fundamental achievements were recently described as the definition of a true “double-header," given that they concurrently occurred. With the restart commenced and given the company is providing clear guidance as to how it plans to dramatically grow production, K92’s recent share price represents not only a big discount to their peer group in terms of where the company is valued as a ratio of net asset value, but this is also combined with a much faster rate of production growth targeted.

K92 president Bryan Slusarchuk states, “The technical team onsite has done a great job getting production started on schedule and concurrently completing the PEA, which gives investors a clear growth path. The current discount to peer group valuation ought to appeal to deep value investors, while the growth rate targeted should appeal to investors seeking growth. With the project in great shape on the ground, we are now looking to expand the company’s profile as to make sure more and more investors follow us as the business plan is executed. While the project hosts high grade gold, many people are also starting to realize that Kora has a very strong copper component to it and that is also attracting attention given copper’s recent move.”

K92 is currently in the process of ramping up production towards steady state and also has two drill rigs onsite, one conducting grade control drilling, and one geared towards expansion and exploration drilling. The company has a strong group of institutional shareholders and trades in Canada under the symbol KNT (TSX.V), in the U.S. (KNTNF) and in Germany (92K).



Brazil Resources verbessert solide Finanzlage, Rodman & Renshaw erhöht Kursziel

Die Analysten von Rodman & Renshaw sehen weiterhin großes Performance-Potential bei Gold- & Uran-Junior Brazil Resources (V.BRI). Nach Abschluss der letzten Projekt-Akquisition, welche die Ressourcen-Basis auf über 22 Mio. Unzen Gold-Äquivalent erneut massiv erhöht hat, hat Brazil die starke Entwicklung des Aktienkurses für eine neue Kapitalmaßnahme ausgenutzt.

Mit der Ausgabe von rund 5 Mio. Aktien zu 2,50 CAD flossen Brazil ca. 12,4 Mio. CAD an frischem Kapital zu. So erhöht sich die Kassenposition der Firma auf solide 21 Mio. Cash, die Brazil in seine Wachstumsstrategie investieren kann. Folgend die jüngsten Kommentare von Rodman & Renshaw, die das Kursziel von 4 auf 4,25 CAD erhöhen:

Recent Financing Bolsters Acquisition Strategy; Increasing PT

Strong balance sheet to fuel growth. On November 15, 2016, Brazil Resources announced the closing of the third and final tranche on its C$12.4 million financing. The capital raise, which was oversubscribed, was increased from C$6M to C$9 million and finally closed at C$12.4 million. In our view, the increase of the deal size serves as a vote of confidence in the market’s support for management’s current strategy of acquiring additional assets. With approximately C$21.5 million in cash on the balance sheet, we think Brazil Resources is well positioned to execute this strategy going forward. We think recent weakness in the gold price provides a window of opportunity for well-capitalized companies to evaluate assets for acquisition. While asset prices were elevated earlier in the year with gold over $1,300 per ounce, we suspect prices have fallen in recent weeks due to the substantial drop in the price of gold. That said, we think the firm’s timing of the raise was good since the capital raised at higher prices can now be put to work in a softer gold price environment.

Recent price moves in copper make Titiribi a more attractive project. At the time of the Titiribi purchase, copper was hovering around $2.00 per pound - compared with $2.50 per pound today. While copper was viewed as a strong by-product credit to gold at the time of acquisition, we believe the recent increase in copper prices now enhances Titiribi’s economics. In fact, at today’s metals prices, valuation is almost evenly split between gold and copper. Due to this, we are increasing our estimated NAV for the project to $79.3 million from $13.0 million. While this is clearly a drastic change, we highlight the overall project economics and the strong sensitivity to higher prices. We also highlight that the increase in copper prices not only strengthens the economics of Titiribi, but also provides Brazil Resources with an element of revenue diversification.

Additional resource growth expected. Given Brazil Resources’ exceptionally strong balance sheet, we expect management to aggressively evaluate additional accretive acquisitions. That said, management has maintained a staunch hurdle rate for purchasing assets with a focus on assets trading at a discount. Brazil Resources recently has traded at approximately $9 per ounce of gold in its resources, while we do not believe management is focused on acquiring projects valued above the $/oz multiple the firm trades for. In our view, the strategy of rolling up projects that are valued at a discount should continue allowing the firm to create shareholder value through acquisitions.

We are reiterating our Buy Rating, while increasing our price target to C$4.25 from C$4.00. Our updated valuation is primarily a reflection of us increasing our valuation estimate for Titiribi, slightly offset by the dilution incurred from the recent capital raise. Our increase in valuation for Titiribi is primarily due to the recent increase in copper prices as we now value the project at $10 per ounce of gold in M&I resources and $5 per ounce of gold in Inferred resources, which we feel still maintains an element of conservatism. The remainder of our valuation remains predicated on a DCF of operations at São Jorge, utilizing a 10% discount rate. To this, we add our in-situ value for Whistler and the firm’s additional assets to arrive at our final valuation.

Please note that the statements and opinions contained in this third-party report are being provided for informational purposes only and are not adopted by BRI.


Großes Ressourcen-Wachstum und massiver Hebel auf den Goldpreis: Brazil verkündet neue Schätzung für Titiribi-Projekt in Kolumbien

Brazil Resources (V.BRI) gönnt sich keine Pause. Kurze Zeit nach Übernahmeabschluss des Titiribi-Projekts von Trilogy Metals (T.TMQ) publiziert die Junior-Firma einen neuen, NI 43-101 konformen Ressourcen-Report (News).

Brazil's Ressourcen-Basis wächst durch die Akquisition von Titiribi erheblich an. Das kanadische Unternehmen besitzt jetzt mehr als 18 Mio. Unzen an totalen Gold-Ressourcen (M+I+Inf.) und rund 23 Mio. Unzen Gold-Äquivalent (Link). Zwar sind erhebliche Teile dieser Ressource low-grade und werden nicht einfach zu genehmigen sein (siehe Permitting Risks für Open-Pit Minen in Kolumbien), doch der gewaltige Hebel auf den Goldpreis ist bei dieser Aktie nochmal enorm gewachsen..


Gold, Terminbörse: Volumen an der COMEX markiert neues Rekordhoch

In der US-Wahlwoche Anfang November erreichte das Volumen an der kontroversen Gold-Terminbörse COMEX ein neues Allzeithoch. Der Blick auf den spektakulären Langfrist-Chart:

Quelle: Gold Monitor

Donnerstag, 1. Dezember 2016

Großer Meilenstein: Continental Gold erhält die Umweltgenehmigung für das Weltklasse Buriticá Goldprojekt in Kolumbien

Nach einer jahrelangen Hängepartie, vielen Unsicherheiten und einer sehr großer Überzeugungsarbeit ist Continental Gold (TSX:CNL) am Ziel angekommen. Die kanadische Junior-Firma erhält die entscheidende Umweltgenehmigung für das Weltklasse Flaggschiffprojekt Buritcá. Ein großer Meilenstein für Continental - und die gesamte Goldminenbranche in Kolumbien.

Continental Gold Receives Environmental Permit for the Buritica Project

Toronto, Ontario, November 30, 2016 – Continental Gold Inc. (TSX:CNL; OTCQX:CGOOF) (“Continental Gold” or the “Company”) is pleased to announce the receipt of the environmental permit for the Company’s Buriticá project.

Resolution No. 01443, dated November 30, 2016, was issued by ANLA, the Colombian National Authority of Environmental Licenses, approving the Company’s application for an amendment to the Environmental License for the Buriticá project located in Antioquia, Colombia. The resolution authorizes Continental Gold to expand its current small-scale operating mine to a fully integrated mining and milling operation, as outlined in the Company’s Feasibility Study dated March 29, 2016. Specifically, the resolution allows Continental Gold to operate and construct all mining and milling-related facilities, including a processing plant up to a maximum of 3,200 tonnes per day. In addition, the resolution allows the Company to mine alluvial material required for construction during the pre-production and production phases of operations and requires the Company to follow strict and environmentally-conscious best practice protocols for the operation and closure of the mine.

Ari Sussman, CEO of Continental Gold, commented: “The completion of permitting for the Buriticá project is a strong testament to Colombia’s willingness to embrace responsible mining and its desire to reinvigorate the gold industry for a country that holds the title as the most prolific gold producer in Latin American history. We would like to thank the local communities, the Government of Antioquia and the National Colombian Government for their confidence in Continental Gold’s ability to deliver a robust environmentally-responsible mine that will yield significant benefits for all stakeholders.”

The modification of the Environmental License, granted by ANLA, reflects Continental Gold’s commitment to building a modern mine with strong operational, environmental and social standards, while generating well-being and development for the communities of Buriticá, the region of Western Antioquia and Colombia,” stated Mateo Restrepo, President of Continental Gold..

Mittwoch, 30. November 2016

A November To Remember

Der November 2016 wird an den Kapitalmärkten sicher in die Geschichtsbücher eingehen:

November To Remember - Unprecedented Month In Markets Ends Weak
  • Russell 2000 +11% - best since October 2011
  • Dow +5.5% - best since March 2016
  • US Financial Stocks +14% - best since April 2009
  • Goldman Sachs +23% - best since December 2000
  • US Energy Stocks +9% - best since October 2015
  • FANG Stocks -6.2% - worst since March 2014
  • "Most Shorted" Stocks +11% - best since September 2010
  • US Treasury Bonds (TLT) -8% - worst since January 2009
  • Treasury 'VIX' +18% - worst since January 2015
  • Emerging Market Bonds -4.7% - worst since May 2013
  • Risk-Parity Funds -3.1% - worst since December 2015
  • USD Index +3.8% - best since September 2014
  • Mexican Peso -8.6% - worst since May 2012
  • Japanese Yen -8.9% - worst since August 1995
  • Chinese Yuan -2% - worst since December 2015
  • Emerging Market FX -4.5% - worst since May 2012
  • Gold -8% - worst since June 2013
  • Silver -8% - worst since May 2016
  • Copper +19% - best since March 2009
  • BIS "Fear' Index (Global Basis Swap) -3bps - worst since Feb 2016


Dienstag, 29. November 2016

Montag, 28. November 2016

TerraX Minerals: Erfolgreiches Explorationsjahr auf dem Yellowknife City Gold-Projekt in Kanada

Die Junior-Firma TerraX Minerals (V.TXR) konnte in diesem Jahr signifikante Explorationsfortschritte auf dem Hauptprojekt Yellowknife City Gold verzeichnen. Im kommenden Jahr wird die erste, bedeutende Ressourcen-Schätzung erwartet.

Bis Ende des Jahres visiert TerraX die Publikation von 24 weiteren Bohrlöchern von der Sommerphase des 27.000 Bohrmeter starken Explorationsprogramms an. Die Winterphase des Drilling-Programms wird Anfang Januar 2017 starten. Hierzu ein informatives Video-Update:


Gold-Explorer TerraX Minerals schließt Sommer-Bohrprogramm ab und verstärkt Management-Team

Die kanadische Junior-Firma TerraX Minerals (V.TXR) hat die Sommerphase des 27.000 Bohrmeter starken Explorationsprogramms auf dem Hauptprojekt Yellowknife City Gold erfolgreich abgeschlossen (NR)..


Quote #2:

Wachsende Gold-Discovery in Kanada: TerraX Minerals steht vor einem heißen Herbst

Der erfolgreiche Gold-Explorer TerraX Minerals (V.TXR) ist aktuell auf Roadshow in Europa und ich hatte die Möglichkeit den CEO Joe Campbell und CFO Stuart Rogers zu sprechen..