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Freegold Ventures (FVL)

Business description

Freegold’s focus is on copper and gold exploration near Fairbanks, Alaska. It holds both the Golden Summit project (on which a PEA was completed in January 2016) and the Shorty Creek copper–gold porphyry project, where potential by-products include gold, silver, cobalt and tungsten.

Stock data

Market cap.C$11.3m
Last closeC$0.06
High / Low (52 weeks)C$0.1 / C$0.0
Stock market listingCN
Forecast net debt (US$m)1.8
Forecast gearing ratio (%)5
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual0.0(14.3)(36.8)
Relative *(4.5)(20.5)(39.2)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 0.0 (1.0) (1.0) (0.7) N/A N/A
2017A 0.0 (0.6) (0.6) (0.4) N/A N/A
2018E 0.0 (0.8) (0.8) (0.4) N/A N/A
2019E 0.0 (0.8) (1.0) (0.6) N/A N/A

Last updated on 29/01/2019

Latest research

Boldly going

Initiation | Mining | 20/08/2018

Investment summary

Tetra Tech’s preliminary economic assessment (PEA) of Golden Summit demonstrated a post-tax internal rate of return of 20% and NPV of US$188m (US$0.99 per existing Freegold share, post-placing) at a gold price of US$1,300/oz. Fully diluted, we estimate that the net present value (NPV) of the stream of dividends to Freegold's shareholders from the development of Golden Summit (at Edison’s customary 10% discount rate) is US$0.125/share in FY18, rising to a peak of US$0.42c in FY37.

Last updated on 01/02/2019

Industry outlook

However, this valuation increases to c 18c/share in the event that Freegold is able to double its oxide resource to 1.2Moz, thereby supporting a doubling in early-stage production rates. In the meantime, CY18 exploration has continued to define and expand porphyry style mineralisation at Shorty Creek, where we estimate that one target could contain in the order of 0.8Mt of contained copper resources (excluding co-products). In October, FVL raised C$1.2m via the issue of 14.9m shares (plus warrants).

Last updated on 01/02/2019

Key management

Gordon Steblin, CFO
Kristina Walcott, President & CEO
Alvin Jackson, VP Exploration & Development

Company address

PO Box 10351
Suite 888, 700 West Georgia Street
Vancouver
British Columbia
V7Y 1G5
Canada
+1 604-662-7307
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