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Freitag, 2. Dezember 2016

Brazil Resources verbessert solide Finanzlage, Rodman & Renshaw erhöht Kursziel

Die Analysten von Rodman & Renshaw sehen weiterhin großes Performance-Potential bei Gold- & Uran-Junior Brazil Resources (V.BRI). Nach Abschluss der letzten Projekt-Akquisition, welche die Ressourcen-Basis auf über 22 Mio. Unzen Gold-Äquivalent erneut massiv erhöht hat, hat Brazil die starke Entwicklung des Aktienkurses für eine neue Kapitalmaßnahme ausgenutzt.

Mit der Ausgabe von rund 5 Mio. Aktien zu 2,50 CAD flossen Brazil ca. 12,4 Mio. CAD an frischem Kapital zu. So erhöht sich die Kassenposition der Firma auf solide 21 Mio. Cash, die Brazil in seine Wachstumsstrategie investieren kann. Folgend die jüngsten Kommentare von Rodman & Renshaw, die das Kursziel von 4 auf 4,25 CAD erhöhen:

Recent Financing Bolsters Acquisition Strategy; Increasing PT

Strong balance sheet to fuel growth. On November 15, 2016, Brazil Resources announced the closing of the third and final tranche on its C$12.4 million financing. The capital raise, which was oversubscribed, was increased from C$6M to C$9 million and finally closed at C$12.4 million. In our view, the increase of the deal size serves as a vote of confidence in the market’s support for management’s current strategy of acquiring additional assets. With approximately C$21.5 million in cash on the balance sheet, we think Brazil Resources is well positioned to execute this strategy going forward. We think recent weakness in the gold price provides a window of opportunity for well-capitalized companies to evaluate assets for acquisition. While asset prices were elevated earlier in the year with gold over $1,300 per ounce, we suspect prices have fallen in recent weeks due to the substantial drop in the price of gold. That said, we think the firm’s timing of the raise was good since the capital raised at higher prices can now be put to work in a softer gold price environment.

Recent price moves in copper make Titiribi a more attractive project. At the time of the Titiribi purchase, copper was hovering around $2.00 per pound - compared with $2.50 per pound today. While copper was viewed as a strong by-product credit to gold at the time of acquisition, we believe the recent increase in copper prices now enhances Titiribi’s economics. In fact, at today’s metals prices, valuation is almost evenly split between gold and copper. Due to this, we are increasing our estimated NAV for the project to $79.3 million from $13.0 million. While this is clearly a drastic change, we highlight the overall project economics and the strong sensitivity to higher prices. We also highlight that the increase in copper prices not only strengthens the economics of Titiribi, but also provides Brazil Resources with an element of revenue diversification.

Additional resource growth expected. Given Brazil Resources’ exceptionally strong balance sheet, we expect management to aggressively evaluate additional accretive acquisitions. That said, management has maintained a staunch hurdle rate for purchasing assets with a focus on assets trading at a discount. Brazil Resources recently has traded at approximately $9 per ounce of gold in its resources, while we do not believe management is focused on acquiring projects valued above the $/oz multiple the firm trades for. In our view, the strategy of rolling up projects that are valued at a discount should continue allowing the firm to create shareholder value through acquisitions.

We are reiterating our Buy Rating, while increasing our price target to C$4.25 from C$4.00. Our updated valuation is primarily a reflection of us increasing our valuation estimate for Titiribi, slightly offset by the dilution incurred from the recent capital raise. Our increase in valuation for Titiribi is primarily due to the recent increase in copper prices as we now value the project at $10 per ounce of gold in M&I resources and $5 per ounce of gold in Inferred resources, which we feel still maintains an element of conservatism. The remainder of our valuation remains predicated on a DCF of operations at São Jorge, utilizing a 10% discount rate. To this, we add our in-situ value for Whistler and the firm’s additional assets to arrive at our final valuation.

Please note that the statements and opinions contained in this third-party report are being provided for informational purposes only and are not adopted by BRI.

Linkhttps://hcwco.bluematrix.com/sellside/EmailDocViewer?encrypt=85832054-21ea-4e6c-b26d-6f1e0697c061&mime=pdf&co=Hcwco&id=bnicholson@uraniumenergy.com&source=mail





Großes Ressourcen-Wachstum und massiver Hebel auf den Goldpreis: Brazil verkündet neue Schätzung für Titiribi-Projekt in Kolumbien

Brazil Resources (V.BRI) gönnt sich keine Pause. Kurze Zeit nach Übernahmeabschluss des Titiribi-Projekts von Trilogy Metals (T.TMQ) publiziert die Junior-Firma einen neuen, NI 43-101 konformen Ressourcen-Report (News).

Brazil's Ressourcen-Basis wächst durch die Akquisition von Titiribi erheblich an. Das kanadische Unternehmen besitzt jetzt mehr als 18 Mio. Unzen an totalen Gold-Ressourcen (M+I+Inf.) und rund 23 Mio. Unzen Gold-Äquivalent (Link). Zwar sind erhebliche Teile dieser Ressource low-grade und werden nicht einfach zu genehmigen sein (siehe Permitting Risks für Open-Pit Minen in Kolumbien), doch der gewaltige Hebel auf den Goldpreis ist bei dieser Aktie nochmal enorm gewachsen..

Linkhttp://rohstoffaktien.blogspot.de/2016/09/groes-ressourcen-wachstum-und-massiver.html

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