Just noticed broker research available on the company website. Good quality broker support is another positive sign that the company is seen as graduating up the junior ranks and gaining a following in the broader investment community. Well worth a read. Covers many of the topics recently discussed here.
Couple of interesting snippets copied and pasted:
“Craig Dawson, GM Ops
Craig is a mining engineer with considerable mine development experience and expertise spanning over three decades. Craig previously held the role of General Manager Operations with Sandfire Resources, where he led the successful development and commissioning of the DeGrussa Copper Project in Western Australia.”
Good to have someone like that on board to assist through the commissioning phase. Looks like a smart hire by management.
“ABM Resources (ABU) is commencing an exploration program in April, including 10km of drilling and 3km of trenching, targeting high priority near mine targets. Several of these targets (Vampire, Bandit South, Old Glory) had early stage exploration work which demonstrated the potential for very high grade vein systems similar to Old Pirate. A successful program will likely deliver upside to the Company’s production guidance (50- 60koz @ AISC A$750-870/oz), given spare capacity (~90ktpa) in the Coyote processing facility. Following a deal with Tanami Gold (TAM) in July CY14 to lease the Coyote plant and equipment, the Company is fast tracking production of the Old Pirate deposit with first gold anticipated mid-CY15. Speculative Buy recommendation maintained.”
Implied forecast 12 months free cash flow generation c$35-$42m, debt free, MCap c$70m = very good value. Less than 2x EBITDA!
And then…. If exploration comes through every extra 10,000oz equals about another c$7m free cash (based on current A$ gold at A$1,500 and AISC c $800/oz).
Feels like a good place to be right now.
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