Endeavour Mining Share Discussion Threads

[wobblechops] 02/6/2003 20:30

This moves in big leaps on very low volume when investors do wake up to EDV it could really fly.


Wobble.

[energyi] 02/6/2003 14:31

From StkHse BBoard:

SUBJECT: ukboard Posted By: fatlownote
Post Time: 5/28/03 19:20

Thanks for posting. Too bad they don't pay a dividend LOL. The earnings are way out there given the price and it may be a matter of if they can keep it going over another quarter or two. A lot depends on the price rise in their partners and the need for companies to keep growing and doing new deals. This should probably continue as the greenback continues to falter. The only disturbing thing I don't understand is why the market is not getting it yet (or maybe it does). Are we missing something obvious here? Is the company location turning off investors?

I have not read anything negative about Frank (except for one wacko bigot that posted here - maybe a burned retail client from long ago). I also wonder where most of the cash flow is coming from - interest on the loans? Don't think so. The company is probably shorting the hell out of it's partners (it's not a bad thing) and using the warrants to cover. Does anyone have any thoughts? If earnings can keep up and the company can make some really serious cash on the rise in these stocks, it should be over the top for Frank and company. It would be great if he was more visible in the press about what his company plans are and what they actually own though. Sure you can go to sedar for some info, but the average joe does not have that kind of time. Does anyone know if any brokerage has initiated coverage? That might help to get Frank off the beach and into a few conference calls. LOL.

[energyi] 21/5/2003 10:32

Endeavour Mining Capital ... (EDV.TSXV)

In spite of the impressive earnings generated by this merchant banking company in the six month's ended February 28, Endeavour's share price continues to languish. After a $4 million loss in the first quarter, Endeavour bounced back to
earn $7.9 million of net income in the second quarter. That equates to $0.51 per share for the quarter.

The second quarter's impressive performance is more indicative of what to expect from this company than that of the first quarter. That's because the first quarter was the company's initial period as a public company, during which time it was forced to clean up a lot of the baggage that came in with the merger that took the company public last September. The investing public still doesn't know quite what to make of Endeavour, with many seeing it as sort of a mutual fund of gold mining assets. Granted, the company has been hardly transparent with respect to its holdings, making it difficult for investors to feel comfortable holding it as a mutual
fund. Part of the reason for its veiled approach was that Endeavour was selling many of the positions that came in through the merger, and wanted the selling to be low key.

In reality, Endeavour is much more than a mutual fund. The experience and talent of the management group is exceptional, and they have been focused on putting
together deals that will create value. The group has completed several very successful transactions over the past year, and I have every confidence
that they will be able to continue the level of deal-generation necessary to meet or exceed the earnings produced in the second quarter. However, it may take a bit
more time before the market is able to accept these earnings as non-exceptional, reliable returns. In the meantime, investing in Endeavour puts your money into the hands of one of the more capable management teams in the business, one that is extremely bullish on gold and focused on providing significant leverage to the
metal.

This isn't a drill-hole speculation, by any means. In contrast, it's a "smart money"
investment that will get you in on the earliest stages of some of the blockbuster deals that will characterize this bull market.

Endeavour Mining Capital
Recent Share Price: ........C$1.80 ... Stop-Loss: ...........C$1.45
Shares Outstanding: 15.6 million
Market Cap: .......C$28.1 million
Shares Outstanding
Fully Diluted: .........16.2 million ... Market Cap Fully Diluted: C$29.2 million

[energyi] 21/5/2003 10:29

Gold Newsletter recommends Endeavour Mining Capital (EDV-TSXV)

Gold Newsletter Editor Brien Lundin says of Endeavour in his most recent issue: "...it's a "smart money" investment that will get you in on the earliest stages of some of the blockbuster deals that will characterize this bull market."

:LINK:

[energyi] 15/5/2003 01:04

Endeavour Mining closes loan facility
TSX Venture Exchange: EDV

GEORGE TOWN, May 12 /CNW/ - Endeavour Mining Capital Corp. ("Endeavour")
is pleased to announce the closing of a US$3 million convertible term loan
facility provided to Northern Orion Explorations Ltd. ("Northern Orion")
(TSX:NNO) to partially fund Northern Orion's acquisition from BHP Minerals
International Exploration Inc. of its 72% interest in the Agua Rica copper-
gold-molybdenum project in Argentina.

Endeavour has the right to convert all or part of the principal amount of
the loan into common shares of Northern Orion at a price of Cdn 20 cents per
share. At closing of the loan facility, Northern Orion issued warrants to
Endeavour to purchase 2,000,000 common shares of Northern Orion at a price of
Cdn 15 cents per share.

Prior to the closing of the loan facility, Endeavour owned 3,500,000
common shares and 4,500,000 warrants to purchase common shares of Northern
Orion. If Endeavour exercises its right to convert all of the principal amount
of the loan into Northern Orion common shares and exercises all of the
warrants currently owned by it, Endeavour would then own 31,000,000 common
shares of Northern Orion which would, if no other common shares are issued by
Northern Orion, represent approximately 12.1% of the issued and outstanding
common shares of Northern Orion.
The common shares of Northern Orion are being acquired by Endeavour
solely for investment purposes.

[energyi] 13/5/2003 22:45

Yes.
The stock needs to pop thru C$2.00 to get motoring again.
I am Long EDV

[mikkydhu] 13/5/2003 22:19

Endeavour seems to be working hard these days. They've just fixed up some finance for Orion which could eventually give them 12.1% of the company.

They've also been the financial advisor to Oxus for their Amantaytau mine.

And doubtless there are quite a few more yet to come to light, and hopefully always will be more in the pipeline.

[energyi] 09/5/2003 17:02

I noticed the jump too.
And there is a bit of volume going thru: 24,900

This looks like "catch up" to me, since EDV has lagged the recent
rally in Gold shares. I still own a bunch

[mikkydhu] 09/5/2003 16:41

Looking a lot healthier today. I wonder if it has been held back by the lacklustre performance of Bema, Thistle and Wheaton. But if the latter two rise soon, so should EDV. Tried to get some close to yesterday's closing price of 1.67, but had to pay rather more in the end. Worth it though IMO.

[energyi] 02/5/2003 10:47

Alumbrera has a short life (8-10 years)...
and Agua Rica has a deposit at twice the grade (1.4% Cu eqv.)of A's.
There are plenty of potential synergies

[energyi] 26/3/2003 07:40

ANOTHER CLIENT: Northen Orion (NNO)

L. roulston's New Recommendation
Northern Orion Explorations Ltd.(NNO-TSX)
This small company has just locked up 100% of the massive Agua Rica porphyry copper-gold deposit in Argentina. More than $50 million has been spent to delineate a measured and indicated resources of 750 million tonnes containing 11 billion pounds of copper and 5 million ounces of gold at a cut of grade of 0.4% copper. At the current metal prices, those grades don't justify the capital cost to develop the project.

Nevertheless, this project represents an extremely valuable asset, potentially worth a multiple of the current value of this company.

Northern Orion previously held a 28% interest in the project. A new management group recently took control the company, and has just concluded an agreement with BHP-Billiton to buy the 72% interest from the major. The purchase price is $3.6 million payable now and $9 million due by June 30, 2005.
...
It is not entirely coincidental that Endeavor Mining Capital has provided funding for the Wheaton River acquisition of the Alumbrera interest and has also agreed to help fund the Northern Orion purchase of Aqua Rica. Not surprisingly, the Northern Orion news release refers to potential synergies between the two projects.

The obvious synergy is to process the Aqua Rica ore through the Alumbrera mill. Clearly, 20 miles is too far to truck low-grade porphyry ore. However, a conveyor system could move the ore quite cheaply over that distance. Conveyor systems that long are not uncommon. The capital cost to develop Aqua Rica, making use of the Alumbrera mill, would be in the order of one quarter or less of the capital cost of a stand-alone operation.

On that basis, Agua Rica could be economic, even at the current metal prices.

It is important to note that Agua Rica would not have to wait until the last ton of ore came of the Alumbrera pit. In fact, the operator of Alumbrera would probably want to see the Agua Rica ore coming in sooner rather than later, to be blended with Alumbrera ore. That approach would provide time for an orderly transition. In addition, the Alumbrera operator could defer the closing of their mine, and the ultimate cleanup costs.

The final paragraph of the Northern Orion's news release tells the story:

"Northern Orion's principal objective is to maximize the economic potential of the Agua Rica deposit in the short term. In addition, Northern Orion is assessing a number of other potential opportunities that could provide the basis for accretive transactions."

In other words, they have already thought through the Agua Rica transaction and probably also have the next deal in the works.

At C$0.18 per share, shareholders of this company have a lot to gain if this deal pans out as I believe it might. Whatever happens in the short term, the company offers enormous leverage to copper and gold.

[energyi] 26/3/2003 07:21

Better ask the broker. That relates to dividends, I think
= = =

THIS WILL HELP EDV, they have a big stake in WRM:

SAME CHERRY, ANOTHER BITE... Stock up 10% today

Wheaton to acquire 25% interest in Bajo de la Alumbrera
2003-03-25 14:26 ET - News Release

WHEATON RIVER ANNOUNCES PROPOSED ACQUISITION OF ADDITIONAL 25% INTEREST IN BAJO DE LA ALUMBRERA MINE FROM BHP BILLITON

Wheaton River Minerals has exercised its pre-emptive rights and accepted an offer from BHP Billiton's wholly owned subsidiary, Rio Algom Limited, to acquire BHP Billiton's 25-per-cent interest in the Bajo de la Alumbrera gold-copper mine in Argentina for $180-million (U.S.). BHP Billiton has agreed to defer payment of up to $50-million (U.S.) of the purchase price until May 30, 2005. The deferred portion of the purchase price will bear interest at a rate of LIBOR plus 2 per cent per year.
===

from Header:
Estimate: 0.5 WRM per EDV sh. !
..
WRM was up C$0.13 yesterday, that should add $0.06 (eventually)
to EDV, which fell a bit

[ridgeback] 24/3/2003 11:59

What are the tax implications to owning canadian stocks. Do you have to sign a form to say you reside in UK as you do with US stocks?

[energyi] 24/3/2003 00:28

ARE EARNINGS SUSTAINABLE?
The market is saying "No." since EDV is trading:
- at a discount to NAV,
- at an absurdly low PE

But if this dip in the POG is followed bt renewed strength,
EDV is likely to surprise the market on the upside

[wobblechops] 07/3/2003 20:50

Delivers Strong Second Quarter Results
3/7/03


Endeavour Mining Capital Corp. ('Endeavour'or 'Corporation') recorded net income of US$7.8 million or US$0.51 per share (or approximately CDN$0.76 per share) for the second quarter ended February 28, 2003. This compares with net income of US$2.0 million or US$0.16 per share (or approximately CDN$0.24 per share) reported in the quarter ended February 28, 2002. The Corporation's performance during the second quarter continues to demonstrate the successful implementation of its mining merchant banking strategy.
The Corporation reported total investment income of US$8.2 million for the second quarter with operating expenses of US$366,000 leading to an operating margin of 96% during the period. The Corporation realized gains on investments of US$3.1 million and recorded unrealized gains of US$4.9 million during the second quarter. For the six-month period ended February 28, 2003, the Corporation recorded net income of US$3.8 million or US$0.25 per share (or approximately CDN$0.37 per share). This compares with net income of US$2.3 million or US$0.18 per share (or approximately CDN $0.27) reported in the six-month period ended February 28, 2002.

The Corporation continues to enjoy excellent financial strength and flexibility. During the second quarter the Corporation's underlying investments performed well, primarily as a result of a strengthening gold market. Also during the second quarter the Corporation committed to underwrite and fund two significant debt transactions, for US$5.0 million and US$3.0 million respectively. Both loans are short-term (1 year or less), highly structured, non-revolving, and can be drawn to fund specific acquisitions by the borrowers. The terms of the loan facilities, which are both currently undrawn, include equity-upside return potential through share purchase warrants and equity conversion provisions. Endeavour provides shareholders a distinctly different way to invest in precious metals and mining operations.



Endeavour Mining Capital Corp. is a publicly traded mining merchant banking company. The Corporation, established in the Cayman Islands, has its shares listed on the TSX Venture Exchange in Canada. We provide finance to mining companies to fund their project development, strategic initiatives, and growth.

For additional information, please visit our corporate website,

www.endeavourminingcapital.co

On behalf of Endeavour Mining Capital Corp.

'Bill Koutsouras'

Chief Financial Officer, Director & Secretary

[energyi] 28/2/2003 20:04

M.,
I heard good things about those Apollo results.

= = =
With gold on rise, experts point to several favorites
5:24 p.m. 12/16/2002 By Thom Calandra Provided by


Investors await major discovery, one geologist says
SAN FRANCISCO (CBS.MW) -- Gold proponents, nervously awaiting further gains after a startling one-week rally, are pointing to several areas they say are poised for profits.

They include tiny exploration companies, several overlooked bullion producers and the actual metal itself.

The dollar-linked spot price of gold Monday was continuing to defy gravity, closing the day at $336.40, a 38-month high.

"From here on out, the gold price will be linked strongly with the dollar," says Frank Giustra, a Canadian merchant banker and director of Endeavour Mining Capital Corp.(EDV). Giustra, in an article published Monday, examines the dollar-gold relationship and concludes the metal will "a currency of last resort" for central bankers and investors.

Gold analysts are biting their nails, looking for further gains after years of reversals for the precious metal.

"I think we saw some pretty important breakouts last week, but it's important that we get follow-through," said Ian McAvity, whose Toronto-basedis in its fourth decade of charting financial markets.

McAvity says the range of $325 to $340 is the current "breakout area" for the gold price. "This was an important inflection point range in 1991/93 and 1985/86.It also marked the peaks of the October '99 spike, when Ashanti Goldfields(ASL)and Cambior(CBJ)blew up their hedge books," McAvity says.

If spot gold and gold futures contracts launch a follow-through rally Monday or later this week -- and that's a big if -- McAvity sees a possible "struggle" around $340, "but $380 looks like the more likely resistance to halt an acceleration move."

After starting 2002 at $270 an ounce, gold's price is up 24 percent. The metal's rally is linked to a host of events, including a sliding dollar, a weak stock market, terrorism fears and perhaps most of all, a looming supply shortage if central banks and commercial banks try to recover the bullion they have lent to third parties in the form of leasable gold and derivatives.

"The mid-tier, unhedged producers give investors the best risk-reward for pure leverage to the gold price," says Paul van Eeden, a commodities analyst with the newsletter. "These are Meridian(MDG), Goldcorp(GG), Glamis(GLG), Iamgold(IMG)and Harmony(HMY). For people who want leverage to both gold and silver, I suggest Wheaton River(WHT), which is unhedged in production and has excellent leverage to both gold and silver due to the nature of their ore body in Mexico."

Unhedged producers are those who sell forward none of their gold in the leasing market. The practice of hedging, during periods when the gold price is falling, allows producers to receive incrementally more for their metal. In a rising gold market, a hedged "book" can become a liability for producers who must deliver their product, say, at $335 an ounce when the metal is trading at $355.

Whether gold reaches $355 an ounce or higher by the end of the year will have much to do with the dollar. Bullion analyst Andy Smith of Mitsui Global in London notes the gold price in the past two weeks rising in step with the dollar's losses against the euro.

Recent speeches or interviews by central bank officials in the U.S., Britain and Japan have raised the specter of a coordinated global reflation of assets. Such a reflation, in the name of global economic revival, would involve slashing the value of the world's No. 1 reserve asset, the dollar.

"Policy makers around the world have jumped on the anti-deflation bandwagon as never before," Stephen Roach, chief economist at Morgan Stanley, said Monday. Roach, who warns about the dangers of global deflation, sees a chance of a dollar meltdown in coming months and/or years.

"The Japanese authorities have embraced a three-pronged program to counter deflation -- fiscal stimulus, non-traditional monetary stimulus, and, most recently, a depreciation of the yen," Roach said in a report Monday.

The dollar-gold angle is filtering onto Wall Street.

"Gold is money and money is seemingly about to be devalued," says Caesar Bryan, who manages the $85 million Gabelli Gold Fund(GOLDX). Bryan, whose fund is up 80 percent this year, sees an increasing negative correlation: gold's rising price vs. the falling trade-weighted dollar and the falling U.S. stock market, as measured by the S&P 500 Index.

Gold prices tend to rise when the dollar is falling -- in part because a shaken dollar may indicate fiscal stress on a worldwide basis. The Federal Reserve's, currently about 98.6, may provide a window into dollar weakness/gold strength. The spot gold price, as measured by the afternoon London fix, divided by the index is now at 3.37 or so.

Several members of the Gold Antitrust Action Committee, a controversial group that contends central banks and commercial banks for years have suppressed gold prices, says this dollar-gold indicator rarely goes above 3.25.

The indicator was above 3.25 for six days in July, when the dollar lost ground rapidly against other currencies. At midday Monday, the indicator was marking its sixth day above the 3.25 level. (See chart below.)



Bryan, who has been managing the Gabelli Gold Fund since 1994, says he has been buying the actual metal for his portfolio. Bullion now accounts for about 3 percent of the fund, he said Monday.

The money manager says investors have a right to be nervous about buying shares of gold mining companies whose values have risen 200 percent and more this year. Still, Bryan says he exposes his portfolio to a range of explorers and producers, from miniscule to large.

On the small side, Gabelli Gold Fund owns shares of Arizona Star Resource(AZS), FNX Mining(FNX), Golden Star Resources(GSS)and Nevsun Resources(NSU). Most of those are based in Canada and have seen their shares double and triple in the space of 12 months. Bryan's fund also has a small position in Kenor, a Norwegian miner.

Robert Bishop of the long-standingsays he expects more of gold's positive price action. "Merely holding $330 is going to lead to a gathering of momentum -- and to prices that are likely to surprise those accustomed to viewing gold as a loser," Bishop told me.

His favorites include Nevsun Resources, which is conducting test drills of mineral deposits in western Mali, Africa. "Much farther down the food chain, Odyssey Resources(ODX)has

Turkish projects that will be active in the near-term, and is negotiating on an acquisition that could truly change the face of the company," Bishop says. Odyssey trades on the Toronto Venture Exchange.

K. Brent Cook, a minerals geologist on staff at merchant bank Global Resource Investments in Carlsbad, Calif., says investors are waiting for a major gold discovery to inject new life into the exploration industry.

"The exploration business has suffered five of the worst years I am aware of," Cook says. "Major mining companies severely cut their exploration budgets, and literally hundreds of junior exploration companies went bust."

The geologist has his eye on China and a company called Southwestern Resources(SWG), which two weeks ago indicated fruitful early results from gold mineralization across Yunnan Province. The Toronto-traded company's total market worth is less than $100 million U.S.

"If my very preliminary interpretation of the geologic setting and results to date prove correct, this gold system could surprise a lot of people," Cook says.

At midday Monday, spot gold was up 10 cents at $333 an ounce.

[mikkydhu] 26/2/2003 16:51

Apollo Gold is doing well.

Relevant because EDV has some; interesting as they are very excited about new drilling results on the Destor-Porcupine Fault Zone, but as far as I can see from the map not a neighbour of Moneta.

[energyi] 26/2/2003 15:52

ADDED to my longs at C$2.02

[energyi] 25/2/2003 01:06

BOT some today at/nr. C$2.00

[wobblechops] 20/2/2003 20:21

energyi, so what do you estimate is a fair share price for EDV based on the above?

cheer's

Wobble.

ps Thanks for posting your work above.

How do you fancy attending the AGM on the 28th, lol
Cayman Islands "oh yes" nice business trip.

[energyi] 20/2/2003 15:20

ROUGH ESTIMATES OF HOLDINGS...
Using Stock prices as of 8/31/2002

These positions are:
(WRM.t)Wheaton River Minerals Ltd.
$4.0 million = (C$1.28 /C$1.50): 4,687,000 shs
(THT.t) Thistle Mining Inc.
$2.8 million = (C$0.54 /C$1.50): 7,778,000 shs
(BGO.t) Bema Gold Corporation
$2.4 million = (C$2.07 /C$1.50): 1,739,000 shs

Test:
BGO.t (C$2.07 /C$1.50): $1.38 / compare: BGO: $1.36
= = =

Estimate not right?
-from the Aug.2002 Filing of WRM:
(5) Mr. Giustra also owns 800,000 2001 Warrants and exercises control over 600,000 Special Warrants.
(6) Endeavour Capital Corporation also owns 2,015,000 Common Shares, 5,060,000 2001 Warrants and 1,000,000 Special Warrants.
Endeavour Capital Corporation is managed by Endeavour Financial Corporation. Mr. Woodyer is Managing Director of Endeavour
Financial Corporation and Mr. Giustra is Chairman of Endeavour Financial Corporation.

WRM/ Wheaton:
Common shares.....: 2,015,000
Wts.5/03 at C$0.75: 5,060,000 ... "2001 wts": until 23 May 2003
Common ('02 plmt) : 1,000,000 ... 2002 Special wts
Wts.?/07?at C$1.65: 0,500,000 ... 2002 Special wts

SUMMARY: EDV controls about 8mn shs: or abt. 0.5WRM per EDV share!

Note: The 2001 Warrants are exercisable at a price of $0.75 per share and expire
on May 23, 2003.

[energyi] 20/2/2003 15:07

MORE from the ANNUAL;
Investments are comprised of the following:
August 31, 2002 December 31, 2001
% of % of
Investments by Location Value Investments Value Investments
Equities
Australia $ - - % $ 81 0.8%
Canada 4,179 31% 4,199 40.6%
Canada (short position) (23) -0.2% - - %
United Kingdom 3,166 23.5% 2,590 25.0%
United States of America 1,496 11.1% 397 3.8%
United States of America (short position) (40) -0.3% - - %
Total Equities 8,778 65.1% 7,267 70.2%
Convertible Loans and Debentures (Note 2 (a) (iii))
Canada 128 1.0% - - %
United States of America 870 6.4% 539 5.2%
South Africa 572 4.2% 539 5.2%
Total Convertible Loans and Debentures 1,570 11.6% 1,078 10.4%
Warrants (Note 2 (a) (iii))
Canada 2,214 16.4% 2,004 19.4%
United Kingdom 869 6.4% - - %
United States of America 68 0.5% - - %
Total Warrants 3,151 23.3% 2,004 19.4%
Total Investment Portfolio $ 13,499 100.0% $ 10,349 100.0%

[energyi] 20/2/2003 15:04

FROM ANNUAL REPORT... MERCHANT BANKING...
...companies where it uses the experience of its management and directors to add value. Types of transactions undertaken include debt financing, equity linked investments or equity investments. The Corporation actively manages its investment capital base. Earnings are generated through interest, fees and capital appreciation.

During the 2002 fiscal year the Corporation changed its year end from December 31 to August 31. Therefore, the results of operations discussed here represent results for the period from January 1, 2002 to
August 31, 2002.

Results from Operations
Over the eight month period ended August 31, 2002, investment income totaled $11.1 million which compares to investment losses of $1.5 million during the year ended December 31, 2001. The dramatic improvement in the investment income earned is attributable to the improving mining capital markets and effective implementation of the Corporation's business strategy.

During the eight month period ended August 31, 2002, three investments, all of which are classified as significant merchant banking transactions, generated investment income of $9.1 million or 93% of the merchant banking investment income generated over the period and 82% of the total investment income generated over the period.

These positions are:
(WRM.t)
Wheaton River Minerals Ltd.
This transaction generated investment income of $4.0 million or 36% of the total investment income generated over the period.
(THT.t)
Thistle Mining Inc.
This transaction generated investment income of $2.8 million or 25% of the total investment income generated over the period.
(BGO.t)
Bema Gold Corporation
This transaction generated investment income of $2.4 million or 21% of the total investment income generated over the period.