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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$12.2m
Last closeC$0.07
High / Low (52 weeks)C$0.1 / C$0.1
Stock market listingCN
Forecast net debt (US$m)1.8
Forecast gearing ratio (%)5
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual16.7(6.7)(44)
Relative *18.1(6.5)(46.2)

* % 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 20/08/2018

Latest research

Boldly going

Initiation | Mining | 20/08/2018

Investment summary

Freegold’s assets consist of the Golden Summit project and the Shorty Creek copper–gold project in Alaska. Tetra Tech’s preliminary economic assessment (PEA) of Golden Summit demonstrated a pre-tax internal rate of return (IRR) of 20.0% and a post-tax NPV5 of US$188m (US$1.08 per existing Freegold share) at a gold price of US$1,300/oz. However, Freegold is looking to augment economic returns to shareholders by expanding the oxide resource to support a doubled throughput rate in the early years of production. In the meantime, it believes that it has discovered a buried copper porphyry. Although relatively early stage (and subject to an appropriate risk warning – see page 22), we think that exploration at Shorty Creek to date could be indicative of an initial resource of c 0.8Mt of contained copper plus additional by-product credits and open at depth at just one of its exploration targets at Shorty Creek. We estimate these could be worth c US$11.8m (ie 139% of Freegold’s current enterprise value [EV]) initially, if a resource can be brought to NI 43-101 standards (the goal of this year’s drilling).

Last updated on 20/08/2018

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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