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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Wishbone Gold Plc | LSE:WSBN | London | Ordinary Share | GI000A2PX455 | ORD 0.1P (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.025 | 2.08% | 1.225 | 1.20 | 1.25 | 1.225 | 1.20 | 1.20 | 441,702 | 15:46:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Nonmtl Minrls, Ex Fuels | 0 | -1.14M | -0.0044 | -2.77 | 3.15M |
TIDMWSBN
Wishbone Gold PLC
26 September 2017
Wishbone Gold - Initiation of Coverage. Conviction Buy - Price Target 1.97p
Unique gold play providing artisanal miners with processing equipment to gain attractive gold off-take agreements
Wishbone Gold joined AIM in July 2012 as a gold exploration vehicle. The 2015/16 recession in the resources sector led the management to sensibly mastermind the acquisition of the gold trading business Black Sand in 2016, seeking to grow cash flow/profits via a different gold strategy.
Rapid growth in gold trading using the Marc Rich/Glencore model
Wishbone is financing equipment to dramatically improve gold production for artisanal miners in countries in Central America and Africa: the model is first being implemented in Honduras. In this way, the company can negotiate long term gold off-take contracts with attractive margins as Marc Rich + Co AG pioneered, which was the basis of Glencore.
First mill in production shortly with three more to follow in 2018
Artisanal miners provide 20% of world gold production. In Honduras, Wishbone has a pipeline of 4 projects and is teaming up with its US mining equipment supplier, Scotia International and the Honduran government. Rapid growth is expected by rolling out this strategy in S. America & Africa.
Proven management led by Sirius Minerals' ex-CEO/Chairman
Aligning interest with shareholders, Wishbone management own the majority of the shares. CEO/Chairman Richard Poulden held the same roles at Sirius Minerals where he oversaw its transformation into a substantial potash company, with the share price rising from under 2p to 40p.
DCF analysis suggests upside of over 180%
Investors have enjoyed a near 200% increase in the share price in the last 18 months. Discounting forecast cash flows of the gold trading arm and using a peer comparison of the gold exploration projects gives a target price of 1.97p. With the shares currently trading at 0.70p we see material upside & initiate coverage of Wishbone Gold with a Conviction buy stance.
To download the full note visit http://www.alignresearch.co.uk/cpt-company/wishbone-gold/
This information is provided by RNS
The company news service from the London Stock Exchange
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September 26, 2017 02:15 ET (06:15 GMT)
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