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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$13.2m
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
Actual(41.7)0.0(30)
Relative *(40.7)6.6(26.6)

* % 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 24/10/2018

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 a post-tax NPV of US$188m (US$1.08 per existing Freegold share) at a gold price of US$1,300/oz. Fully diluted to reflect assumed future equity financing, we estimate that the net present value (NPV) of the stream of dividends to Freegold's shareholders from the development of Golden Summit, according to its PEA parameters (and at Edison’s customary 10% discount rate), is 12.6 US cents per share in FY18, rising to a peak of 42.8c in FY37.

Last updated on 26/10/2018

Industry outlook

However, this valuation increases to 18.0c/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, from exploration to date, we estimate that Shorty Creek could contain in the order of 0.8Mt of contained copper resources, with a value of US$11.2-18.6m if it can be brought to NI 43-101 standards (a goal for FY18).

Last updated on 26/10/2018

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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