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CEO.CA members discuss high-risk penny stocks which can lose their entire value. Only risk what you can afford to lose.
Oliver "..Among the more sizable banks, Scotiabank (NYSE:#BNS) leads the way with 34.6% of its investment banking revenue coming from #energy companies. Next is #RBC (NYSE:RY), with 20.2%, and then Wells Fargo (NYSE:#WFC) with 14.9% and Citigroup (NYSE:#C) with 11.8%. Others include Barclays (NYSE:#BCS) with 10.7%, Credit Suisse (NYSE:#CS) with 8.1%, and Bank of America (NYSE:#BAC) with 7.4%. @ SA
anonymousPlatinum Group Metals Ltd.
Progress continues to be made; mining a bit
behind but concentrator outperforming
PTM hosted a site visit to the Maseve platinum mine located on the
Western Limb of the Bushveld in South Africa. While mining is running
around one to two months behind plan, an encouraging ramp up
performance from the plant has seen the first concentrate trucked to
Anglo American Platinum. We expect the mine to continue to encounter
teething problems as it ramps up to full capacity of 250koz (4E), but take
encouraging signs from progress made to date.
Mining running a touch behind: Management noted that in its ramp
up of mining Maseve, it has faced challenges in the dip of the reef and
with minor faults which require some additional development. Mining
will use a variety of methods, including longhole stoping, conventional,
hybrid and bord and pillar, and is currently around one to two months
behind plan. Focus is on reaching Block 11, which is expected to use a bord
and pillar method. Management appear confident they can make up lost
time with production flexibility through a 140koz stockpile of lower grade
ore. Current production guidance is 116koz (4E) for 2016 and any further
challenges to mining progress could place this target under pressure.
Concentrator running well: The ramp up of the concentrator has
progressed well, with recent mine shut downs (in particular Eland)
enabling PTM to secure experienced staff for the ramp up phase. The
concentrator is currently running at ~125ktpm, ahead of its 100ktpm
nameplate, and management believe the concentrator’s outperformance
Opex in line: Despite capex coming in above plan due to additional
expenditure on the tailings facility liner, procurement freeze and
escalation, opex is in line or below forecasts for the operational stage.
However, as we note above, the delays in production of concentrate have
resulted in a delay to revenues and any further slippages could be a
Talking up Waterberg: Drilling continues on Waterberg in the Northern
Limb with encouraging results the Super T and Super F zones, which
are over 10m thick at grades of ~6g/t and ~3g/t respectively, with
opportunities to improve early cash flow generation. Worley Parsons is
evaluating Sub-Level Open Stoping for the F Zone and Step Room and Pillar
for the T Zone. Next steps include a resource update in March, a PFS by July
and a Mining Right application in August. Followed by the commencement
of a DFS in September 2016 as well as power/water studies. $PTM update $RBC
@Vaughan@90bigpicture it would seem to me that many of the more traditional investment methodologies and tools are not made for the Juniors. Example: averaging down. When you take a hit on your investment in $RBC or $SU, bringing the average cost down would normally be a prudent decision, but these juniors can go from Hero to Zero - and vice versa - quickly, making averaging down simply throwing good money after bad.
@Vaughan@kjm, that is the hope but not always the case. Sometimes these options expire and without any warning. Futhermore, observable trends would require sufficient historic data to deduce creat a trend to be observed. When we're dealing with a Large-Cap, such as a $G or $RBC, one can conceive that there exist years if not decades of data. But when the likes of $LIX can go from a sleepy shell trading at .10c - and I use the word trading carefully here - to +$2.00, trends are none existant. Similarly, for those in the community holding $NRN, it is not thanks to vast amounts of observable data.
@Goldfinger$RBC sees Trump as a $gold positive. I'm not totally clear on that, although, I do believe he would be a long term gold positive. Short term I could see a shakeout to the downside in the event of a Trump win.
@GoldfingerVia $RBC on $lithium:
"We believe lithium is still in the early innings based on: 1) 9-10% demand CAGR expectations over the next decade; 2) finite supply;
3) limited commercial producers and barriers to entry; and 4) lithium makes up ~1% of total Electric Vehicle (EV) cost structure."
@Goldfinger$RBC on $lithium: "The majority of growth should be driven
by demand for lithium-ion batteries, most notably Electric Vehicles (EVs), which we anticipate to grow at a 20-30% CAGR over the next 10 years."
@GoldfingerFollowing an earnings report which disappointed the street $RBC hiked its $TSLA price target from US$245 to US$314. Primary basis for target increase is increased confidence in Model 3 ramp up to limited production during the summer and better gross margin visibility. Model 3 production will ramp to >5,000/week "at some point" in 4Q17 and 10,000/week "at some point" in 2018. $lithium
@Goldfinger$RBC on $uranium:
"In the term market, two transactions involving deliveries over the 2020-2027 period are reported this
A non-US utility has issued an RFP for 300 tU as UF6 for delivery in January 2018; offers are due to the
utility on April 11.
A US utility continues to evaluate offers for delivery of approximately 1,800 tU of conversion contained
in UF6 over the 2023-2030 time frame, although the utility has indicated it could accept up to 3,100 tU
of conversion over the period.
A non-US utility continues to evaluate offers for up to 3,000 tU of conversion for delivery in the
@Goldfinger$RBC on $TSLA valuation model (RBC has $314 price target on TSLA): "We assume a 15% WACC and an 8x exit EBITDA multiple for our DCF valuation. Our valuation is sensitive to our assumptions. Every 100bps to our discount rate assumption and every turn on the terminal EBITDA multiple is worth about $20/share to our valuation."
RBC gets to $7.575 billion in free cash flow for TSLA by 2025 based upon ~1.5 million vehicle deliveries that year:
http://cdn.ceo.ca/1ccjtcr-TSLA_DCF.png+ And RBC admits "Our model is a work in progress...."
@Goldfinger$RBC note on $ABX: "We believe the market is pricing in expectations that Barrick pursues internal development projects that meet its internal return hurdles, rather than seek external M&A opportunities to acquire producing mines or reserves." $gold
@Goldfinger$RBC on $ABX valuation:
"Our 1.2x NAV is at a 7% discount rate and is equivalent to ~1.0x
NAV using a 5% discount rate. Our 18.0x EV/3-year average
forward Adj.CF multiple is equivalent to an 11x forward P/CF
Our upside valuation of $32.00 is based on our upside flat
gold price scenario of $1,500/oz, all other operating/financial
assumptions and valuation multiples held constant.
Our downside valuation of $14.00 is based on our downside
flat gold price scenario of $1,100/oz, all other operating/
financial assumptions and valuation multiples held constant."