Endeavour Mining Share Discussion Threads

[energyi] 12/5/2004 23:20

I now estimate NAV at C$4.00 or more,

so C$2.66 is a discount of 33%

[energyi] 12/5/2004 21:49

NAV: EDV's Net Asset Value

George Town, March 26, 2004 Endeavour Mining Capital Corp. ("Endeavour" or "Corporation") recorded a net loss of US$2.4 million or US$0.11 per share (or approximately CDN$0.15 per share) for the second quarter ended February 29, 2004. This compares with net income of US$7.9 million or US$0.51 per share (or approximately CDN$0.76 per share) reported for the quarter ended February 28, 2003.

As of February 29, 2004, the net asset value per share was US$3.63 (or approximately CDN$4.85). The Corporation realized gains on investments of US$2.9 million during the second-quarter, however, these gains were offset by unrealized losses on investments held of US$5.6 million.

The Corporation remains highly leveraged to its core merchant banking positions and management accounts indicate that during March 2004 the Corporation generated investment gains of approximately US$6 million to bring the net asset value per share to approximately CDN$5.05, as of the market close on March 26, 2004.

- - -
Update: 3/26/04: CDN$5.05 (vs.HUI: 230.58), Est.May 12th: x175.49/230.59= C$3.84

[energyi] 12/5/2004 21:39

HOURLY chart

[energyi] 12/5/2004 21:26

Im back in (part size)... at C$2.66

[geologic] 11/5/2004 19:18

Near C$2.50- this one looks a BUY!

From the Stockhouse BB:
SUBJECT: Bid is $2.56. Posted By: SUPERMAN66
Post Time: 5/7/04 11:18

Well everyone, were in the $2.50's range.
If it breaks $2.50 there's not much holding this stock above $2.00. I guess it took a little while for some shareholders had to scramble around in their accounts to find some more paper to throw out.

Why don't you phone their outsourced IR company so they can tell you nothing fundamentally about the company, except the stock is worth $4.90. That's what they told my friend. He bailed. I'm stupid and holding

= = = =

DOES ANYONE know the current NAV?
Is it C$4.90?

[energyi] 27/4/2004 22:05

Im getting interested in Endeavour again.

Here's the chart:


I have two targets:

C$3.20, or so
C$2.62-ish

We have nearly touched the first

[wobblechops] 11/2/2004 20:16

In the almost three years GoldEditor has been following the bull market in gold, no company seems to get as much attention from newsletter writers as Endeavour Mining Capital - EDV: TSX. It has almost become a proxy for the junior gold market. Many investors have decided to put their money with this team of financial wizards as opposed to making their own stock picks. And even with all the positive press on Endeavour, the stock continues to trade at only 1.2x trailing twelve month earnings, says Gold Newsletter editor Brien Lundin. He updates us on the numbers below.

Endeavour Mining Capital
(EDV.TSXV) (866-801-0779)
www.endeavourminingcapital.com
When I updated you on Endeavour a couple of months ago, I noted that the company "offered excellent value in the near-term and exceptional growth potential over time." The stock is up 24% since then, but still appears dramatically undervalued.

How undervalued? Consider its latest earnings report, for the quarter ended November 30. The company reported net income of US$26.9 million, or US$1.54 per share (which is approximately C$2.00 per share). Yes, that's for one quarter.

This stunning result compares with a net loss of US$0.26 per share (or approximately C$0.34 per share) for the same quarter in 2002. The latest results reflect total investment income of US$32.5 million for the quarter, with operating expenses of US$5.6 million, leading to an operating margin of 83% during the period. The earnings are comprised of US$5.9 million of realized gains, and unrealized gains of US$26.6 million during the quarter.

Given the success of its investments, and a recent C$25 million equity financing, Endeavour's CEO, Neil Woodyer, notes that the company's investment capital base now stands at US$87.0 million, or approximately C$4.90 per share, "expanding our ability to make additional investments and commitments."

As I've said before, the beauty of Endeavour is that it allows individual investors to stand alongside some of the industry's most accomplished and powerful institutional investors - to "get in the room" where many of today's biggest resource deals are being put together.

The primary roadblock for Endeavour has been the fact that its earnings come primarily from appreciation in its shareholdings, which result from the mergers, acquisitions and early-stage financings it participates in. While this "deal flow" is a business that the company's principals are well versed in, some analysts are hesitant to project current results far into the future.

In short, the market tends to treat each quarter's numbers, as remarkable as they may be, as extraordinary results, insisting that Endeavour prove it can do it again.

The good news: Endeavour has proven it can do it again...and again...and again. In fact, the company's trailing 12-month earnings stand at C$3.81 per share.

With a P/E of 1.12, it may not seem like the market is catching on to Endeavour's potential. But believe me, it is. And, with the deals this powerhouse has in the pipeline right now, your chance to get on board could soon pass by.

Endeavour Mining Capital
Recent Share Price: ...........................................................C$4.40
Stop Loss: ..........................................................................C$3.65
Shares Outstanding: ..................................................23.1 million
Market Cap:........................................................C$101.6 million
Shares Outstanding
Fully Diluted: ............................................................27.7 million
Market Cap
Fully Diluted: .....................................................C$121.9 million
GOLD NEWSLETTER FEBRUARY 2004

[mikkydhu] 01/2/2004 21:46

One company which has recently formed an association with EDV is IMA. On Friday IMA rose to within 4 cents of their all time high. IMA is a rich mix of pros and cons. They look like establishing a very big silver resource in Argentina. On the other hand parts of Argentina are now taking a very dim view of open pit mining and there was a vague question mark thrown around IMA's title by Aquiline Res. some months ago. In fact, IMA say that their intervention caused the pulling of a large fund raising.

So Endeavour have appeared on the scene. I would guess that they plan at an appropriate time to fix another fund raising and that they have calculated first that IMA will indeed prove up a very big resource, and second that IMA's problems will in time be resolved. And if they are right, both companies will do very well out of it.

[wobblechops] 01/2/2004 19:24

Déjà Vu: More Slam Dunk Capital Gains Ahead!
It seems like only yesterday, but actually it was four months ago that I sent readers of Online Investors News the story about Endeavour. Not only did the news unfold as predicted, it was even better! This year, we can expect more positive growth from this awakening giant.

Back in September of last year I told readers that "This sleeper stock is about to wake up!" The stock was at $3 then and since it hit a high of $4.72 a couple of weeks ago. The stock as settled back a bit now, at about $4.00. If you missed out on the last opportunity for a capital gain, you now have another chance.

For those of you who are unfamiliar with Endeavour, they provide financing to mining companies so they can fund project development, strategic initiatives and growth. One of their client's is Wheaton River , which went from obscurity to one of the most actively traded stocks on the TSX in less then two years. Endeavour offers investors a distinctly unique way to invest in developing and growth oriented mining and precious metals companies.

The management are well seasoned, top names in the mining/finance business. Their depth of experience gives the average investor an opportunity to reap the benefits of getting in on opportunities at the earliest stages.

Since Endeavour creates many of their deals from the ground floor, they receive "cheap" paper or options which they can sell into the market at much higher prices. The results of their accomplishments may not be apparent every quarter as Endeavour does not reveal how much paper they hold on any given company at any given time.

However looking at the facts and figures, it seems evident their business model is very sound given returns on equity of approximately 71% this year and that their investment capital base has grown 75% this year to approximately US$42 million.

Recently the company announced their first quarter results which ended November 30th. Income was US$ 26.9 million or $1.54 per share (about $2 CDN). The stock is now $4 and they made $2/share in the quarter! That equals 0.5 PE (price/earnings) ratio. Trailing 12 month earnings are $3.81. This company could easily trade 3-5 x earnings.

In addition, they announced that shareholders will get an annual dividend of 7 cents per share (3.5 cents every 6 months) which will supplement some already very good capital gains.

Though this is all good news, you may wonder – what will the future bring?

Well consider this. Endeavour's Net Asset Value is $4.90 and its trading well under that right now by 90 cents.

BMO Nesbitt Burns gold research is one of the most respected in North America - followed by all the major investors and mining companies. In their Jan 12 2004 issue they show that gold companies right now, as an industry have a premium of 16% to NAV. That breaks downs to a 4% premium for junior producers and a 31% premium for senior and intermediate producers.

Let's go with the more conservative 4%, even though the bulk of EDV holdings is probably (because we never know) intermediate producers like Wheaton River, Bema Gold, Oxus etc. If EDV reported their NAV on Nov. 30/03 as CAD$4.90, then their stock would warrant a valuation of CAD$5.10. At 16% premium the stock would be at $5.68.

The report had two interesting observations - Wheaton River had the largest increase in valuation, going from a 26% discount to a 62% premium. This was my first pick in the new gold era two and a half years ago, and I believe this is one of Endeavour's largest positions! The stock was up 163% in 2003, and if you owned the warrants like EDV did, you could almost double that.

Second, BMO said that the valuation for junior companies was rising at the same pace as senior companies, so Endeavour is not losing any value in the gold market by buying smaller companies.

Consider that by far, Endeavour has more earnings power than these gold companies. The company had return on equity of 71% in 2003 and 87% in 2002. There are no mining companies of which I am aware that could crow about that. So it stands to reason, to me anyway, that EDV would have a higher multiple. The highest NAV multiples in the BMO research was Goldcorp (GG:NYSE) at 1.68x NAV and Wheaton River (WHT:AMEX) at 1.62x NAV. But being conservative, EDV would have a share price of CAD$7.84 with a 1.6x NAV. NAV should be a floor, not a ceiling.

From my own research I see that management is sowing the seeds of even higher profitability. EDV has done a lot of super cheap financings with penny stocks, grooming them for when they find big blockbuster assets. I see some EDV people going on the board of several small companies, and then those companies announce big financings - so I assume EDV is getting lots of that super cheap financing paper, plus their trademark warrants. I believe that they now have a ton of paper in UFM, FIL.H, BUC and many others in (though we can't be sure because they don't say what they own) which they will one day vend in quality assets that will justify a much higher valuation for those companies - and therefore for EDV as well.

Conclusion

The Brain Trust of Endeavour Mining is an international team of mining, investment, and banking professionals who have the worldwide contacts and know how to bring profitable mining deals together.

As opposed to investing in a typical gold producing company, EDV can provide in depth intelligence of the mining market as a whole, provide financial management, and capital to help guide deals to a profitable conclusion just like we saw with the Wheaton/Luismin deal. This is quite a bit different then waiting on drill results and mine expansion to provide growth. With Endeavour's international contacts and results to date, deal flow should not be a problem going forward.

I believe in the very near future Endeavour shares will be trading at a premium to their net asset value. Market pros hold a significant portion of EDV's shares. Norm Lamarche, one of the most respected resource fund managers in Canada , has made Endeavour his number four holding within the CIBC precious metal fund. This $71 million fund is up 72% in the last six months and 62% over the last two years.

Other firms who are shareholders include Orion, Griffiths McBurney, First Associates, and Canaccord who collectively hold about one third of Endeavour's shares outstanding!

Obviously, the market pros can see the writing on the wall. 2004 should provide more slam dunk capital gains for investors.

[mikkydhu] 21/1/2004 19:38

Great news, Wobble. Wish I had more. Will get more when I can. Still way undervalued.

Cheers! M.

[wobblechops] 21/1/2004 18:13

Endeavour Mining declares 3.5-cent cash dividend

Endeavour Mining Capital Corp EDV
Shares issued 23,120,578 Jan 20 close $4.43
Wed 21 Jan 2004 News Release
Mr. Bill Koutsouras reports
ENDEAVOUR MINING CAPITAL - SEMI-ANNUAL DIVIDEND DECLARED
Endeavour Mining has declared a cash dividend of 3.5 cents per share,
payable on Feb. 27, 2004, to shareholders of record at the close of
business on Feb. 12, 2004. As previously announced, the corporation's board
has adopted a semi-annual dividend policy.


(am I posting to myself again, or is anyone else in on this, trading around C$4.50 at the mo)

Wobble

[wobblechops] 12/1/2004 20:59

Have a word, TOTAL US$26.6 mill un-realised investment INCOME for the QUARTER:

Endeavour Mining Capital - First quarter results
1/12/04


GEORGE TOWN, Jan 12, 2004 (Canada NewsWire via COMTEX) --
Endeavour Mining Capital Corp. ('Endeavour' or 'Corporation') recorded net income of US$26.9 million or US$1.54 per share (or approximately CDN$2.00 per share) for the first quarter ended November 30, 2003. This compares with a net loss of US$4.0 million or a loss of US$0.26 per share (or approximately CDN$0.34 per share) reported in the quarter ended November 30, 2002. The Corporation's strong performance this quarter builds on solid results generated in fiscal years 2002 and 2003 and demonstrates the effectiveness of our merchant banking business strategy.

The Corporation reported total investment income of US$32.5 million for the first quarter with operating expenses of US$5.6 million, leading to an operating margin of 83% during the period. The Corporation captured US$5.9 million of realized gains, interest and dividends and recorded unrealized gains of US$26.6 million during the quarter. During the first quarter, the Corporation's historic merchant banking investments continued to perform well and several of its new investments have started to create shareholder value. Notable among these are Oxus Gold plc which has just achieved its first gold pour at the Amantaytau gold mine, Glencairn Gold which is advancing its Bellavista gold project, plus several early-stage investments.

In addition to its strong financial performance, during the first quarter the Corporation took several steps to strengthen and position itself to enhance shareholder value. These include:

- Dividend policy adopted by the Board of Directors - Completed a CDN$25 million equity financing - Appointed two additional independent directors to the Board, Jorge L. Gamarci and Patrick J. Mars - The Corporation graduated to a Toronto Stock Exchange listing
Commenting, Neil Woodyer, Chief Executive Officer, said: 'We are very pleased with our performance this quarter, seeing our investments grow and our clients succeed. Looking ahead, we see strong, positive forces continuing to drive the mining finance sector. At November 30, 2003, our investment capital base has expanded to US$87.0 million or approximately CDN$4.90 per share, expanding our ability to make additional investments and commitments.'

Endeavour Mining

[wobblechops] 29/12/2003 20:20

Bob Moriarty Dec 29th 2003

Just how difficult is it today to find superb precious metals companies selling for peanuts?

Not very.

How would you like to find a company acknowledged as having some of the best management in the business, consistently profitable and operating in an environment perfectly suited for them? With gold up over 50% in two years, what do you think such a company might be selling for, a PE of 20? Or 30? Let me give you some comparisons, Barrick is profitable and selling for a PE of 63, Newmont is profitable and selling for a PE of 45.

How about a PE of 2 and dropping?

Endeavour Mining Capital (EDV-T, $3.60 Canadian EDVMF-OTCBB) was selling for $1.72 a year ago when I first wrote them up. Now they are all the way up to $3.60. If there was an environment designed for their kind of gold/silver merchant banking, it would be exactly what we have had for the last year. Their NAV is somewhere in the $5 range and they are selling at a discount of about 30% to NAV while earning $1.55 a share for last year. They will be coming out with earnings very very soon and they will be barn burning.

And they sell at a PE of two. How much risk do you think there is to this stock at a price of $3.60?

[mikkydhu] 23/12/2003 22:37

Yes, Wobble, I think there's a lot of gold in Sardinia and a lot of companies want a slice of the action...a question for investors, what is the best way in.

After EDV's fall today it could be a good time to get some more, especially if the intermediate miners resume their climb soon.

[wobblechops] 23/12/2003 19:34

mikkydhu,

Goldfields also getting onboard for joint venture with the new co?

[mikkydhu] 11/12/2003 00:02

Great stuff, wobble. Pozzo seems to be there quite openly to deliver on the political and cultural fronts. Will it work? I'm nervous about gold mining in parts of Europe and never quite sure whether environmental and other concerns are genuine or just ways of edging out the current operator.

Also noted the fall in EDV. I think it could go lower if Bema, Wheaton etc. fall further. Perhaps pick up more in a week or two? I don't think I will buy directly into Sardinia, but rather participate via EDV.

[wobblechops] 10/12/2003 22:45

Mikkydhu,

Have a look at the proposed new board of the mereged companys, notice two of Endevours main men Neil Woodyear and Gordon Keep on there.As for dealing with the local authorities, check out Giuseppe Pozzo the 1st guy mentioned below and as you mentioned the two main men of Bolivar are there too the CEO and EO.

It seems EDV may have BIG plans for this merger.

I'm looking to invest here but in GMS now? or wait until merger completed?get some Boliver?or just top up EDV? Ummm decisions, I might be tempted for the largest risk reward, some gms now?

For the full News relase:



It is expected that the Board of NewCo will be comprised of the following
persons:-.


Giuseppe Pozzo (Italian) (Director, President and Chief Executive), Age 44
Giuseppe Pozzo studied Law and Political Science at Turin University. He was
elected to the Regional Parliament of Piemonte in 2000 and has been a councillor
for the city of Settimo Torinese since 1999. He is currently Managing Director
of NextCom S.r.L.; President of Sardinia Gold Mining S.p.A. (SGM) and
Vice-President of the Piemonte Regional Advisory Group of the Forza Italia
party. He was formerly President of Chind S.p.A., Managing Director of GEORESTA
S.r.L. and of GEO, RES S.r.L. and has a background in journalism and publishing.

Gordon Keep (Canadian) (Director), Age: 46

Chairman of the Board, President and a director of Full Riches Investments since
15 April 2003. Mr Keep is the Managing Director, Corporate Finance, of Endeavour
Financial Ltd. Previously, he held positions as Senior Vice President of Lions
Gate Entertainment Corp. and Vice President of Corporate Finance with Yorkton
Securities Inc.

Serafino Iacono (Italian) (Director), Age: 43

Mr Iacono is Chairman and Chief Executive Officer of Bolivar Gold Corp. Over the
last five years, Mr Iacono has also held directorship positions at Bolivar
Goldfields Limited and Gran Colombia Resources Inc. He resigned from Bolivar
Goldfields in October 2001 and from Gran Colombia in October 2000 as a result of
a change in business in each of these two companies. He is also a director of
GMS and SGM.

Jose Francisco Arata (Italian) (Director), Age: 45

Mr Arata is an executive director of Bolivar Gold Corp. Over the past five years
Mr. Arata has also held directorships at Gran Colombia, from which he resigned
in October 2000 and Chivor Emerald Corporation, from which he resigned in May
1998. He is also a director of GMS and SGM.

Jon Pither (British) (Director), Age: 69

Mr Pither is a graduate of Cambridge University and is Chairman of the AIM
Trust. He was formerly the Managing Director of Amari plc, a director of
Selection Trust plc, a director of the London Metal Exchange, a Council Member
of the CBI, and President of the Aluminium Federation.

Martin Groak (British) (Director), Age: 52

Martin Groak is a chartered accountant with an economics degree from London
University. He is multi-lingual with an extensive background in international
financial management. His main business experience has been in the metals,
logistics and energy sectors. He was formerly Finance Director of the Primary
Industries Group and is currently a director of Marker Management Services Ltd.
He is also a director GMS and SGM.

Perry Dellelce (Canadian) (Secretary), Age: 40

Mr Dellelce has been a partner with the law firm Wildeboer Rand Thomson Apps &
Dellelce, LLP since 1993. He is also a director of Bolivar Gold Corp.

Miguel de la Campa (Spanish) (Director), Age: 59

Mr Miguel de la Campa has been President, Chief Operating Officer and a director
of Bolivar Gold Corp. since September 2002. From September 1993 to October 2001,
Mr de la Campa's principal occupation was as Executive Director of Bolivar
Goldfields Ltd (now Bluepoint Data Storage Inc.). He is also a director of GMS
and SGM.

Neil Woodyer (British) (Director), Age: 60

MrWoodyer founded Endeavour Financial Corporation in 1988 and has been its
Managing Director since inception, where he is responsible for directing
advisory mandates and investment-related services.


9 Extraordinary General Meeting

A notice convening the Extraordinary General Meeting to be held at 11.00 a.m. on
23 December 2003 at the offices of Charles Russell, 8-10 New Fetter Lane, London
EC4A 1RS has been sent out to shareholders

Ps EDV taking a price bashing last couple of sessions, think I'll fill up again.

[mikkydhu] 09/12/2003 23:25

That's interesting, wobble. Though if you or EDV or anyone buys some GMS, you do wonder what you're getting. According to an NR of 10 Oct, Bolivar Gold can earn up to 70% of the Monte Ollasteddu prospect. What does that leave for Gold Fields and GMS? Of course, Sardinia is rich in gold deposits and I guess there's a lot besides that mountain and I believe GMS was quite busy claiming as much as they could. However...if you don't know how to work with the local authorities it's not much use to you. Anyone interested in having a stake in Monte Ollasteddu could do worse than buy Bolivar.

No, I didn't know about that merger.

[wobblechops] 09/12/2003 22:08

Mikkydhu,

You know I think you may have cracked EDVs bet as to Sardinia, did you notice Gms is to amalgamate with Full Riches? subject to shareholder approval in a meeting which I believe has been scheduled for the 21st Dec?

[wobblechops] 01/12/2003 20:14

Wow gold at $402 EDV @Cdn$4.47 and how about this chap foe a board addition?

Endeavour Mining names Mars to board

Endeavour Mining Capital Corp EDV
Shares issued 23,120,578 Nov 28 close $4.20
Mon 1 Dec 2003 News Release
Mr. Bill Koutsouras reports
ENDEAVOUR APPOINTS PATRICK MARS TO BOARD OF DIRECTORS
Patrick J. Mars has been appointed as a member of the board of directors of
Endeavour Mining. Mr. Mars is currently an independent consultant
specializing in mine financing and analysis. Formerly, he has held senior
executive positions with several Canadian investment firms, including
chairman and director of First Marathon Securities (UK) Limited, based in
London, England, and president and chief executive officer of Bunting
Warburg, based in Toronto, Ont. Mr. Mars has served on the boards of
several mining companies including Meridian Gold and he is a chartered
financial analyst. Mr. Mars has also served as a governor of the Toronto
Stock Exchange between 1984 and 1987 and a director of the Investment
Dealers Association of Canada from 1992 to 1994.
Commenting on the appointment, Neil Woodyer, chief executive officer, said:
"I am very pleased that Patrick has joined our board. In particular, the
depth of his experience within the mining investment community will be a
valuable addition to the board's independent directors and audit
committees. Patrick's appointment reflects our determination to meet the
expanding corporate governance guidelines and strengthen the independence
of our board, which now stands with four independents out of eight board
seats."
As an independent director, Endeavour has granted Mr. Mars 100,000 stock
options at $4.20 for a period of five years.

[mikkydhu] 23/11/2003 09:04

I guess EDV's acquisition of shares in Full Riches Investments is to do with that company's involvement in Sardinia. Can anyone get their head around GMS's Byzantine involvements with other companies? I suppose a time will come when the Italian army decides it is better to let someone dig the gold up than to continue stamping on it. Is this EDV's bet?

[wobblechops] 19/11/2003 22:21

$4 at close today

GEORGE TOWN, Nov 19, 2003 (Canada NewsWire via COMTEX) --
Endeavour Mining Capital Corp. ('Endeavour' or 'Corporation') is pleased to announce that its common shares have been approved for listing by the Toronto Stock Exchange ('TSX') under the symbol 'EDV'. The common shares will be listed and posted for trading on
the TSX on the opening of trading on Thursday, November 20, 2003.

Commenting, Neil Woodyer, Chief Executive Officer, said: 'I am pleased to see our shares trading on the world's premier mining exchange. As a result of the strong performance of our investments and our recent equity financing, our investment capital base has expanded to US$85 million, or an approximate net asset value per share of CDN$4.77, which allows us to significantly expand our capital commitments. The Corporation has enjoyed strong growth and our TSX listing and recently announced dividend policy are important elements of our long-term business plan.'

Endeavour Mining Capital Corp. is a publicly traded mining merchant banking company. We provide finance to mining companies to fund their project development, strategic initiatives, and growth and we offer investors a unique and profitable way to invest in precious metals and mining operations.

For additional information, please visit our corporate website, www.endeavourminingcapital.com.

On behalf of Endeavour Mining Capital Corp.

[mikkydhu] 10/11/2003 21:52

Wobble,

It never ceases to amaze me how undervalued this stock is. What's the p.e.? 1 or 2? Something ridiculous, especially considering the quality of these earnings. The risk is spread over so many companies.

Bit short of cash, but might see what to sell to get more. I wouldn't wait for it to drop any further. Great value at these levels.

Thanks for the link.

M.

[wobblechops] 10/11/2003 20:08

Mikkydhu,

I think it will trade around this current price till end of Nov and then up some more, have you topped at or you still waiting for a drop?

Trumpet,
wot u on? lol.....

Some good EDV coverage here:

[trumpet] 03/11/2003 21:23

Hey Wobble,

I hear you, missed the boat on this one and didn't want to chase it up, doh.