Opinions
Michael Giordano
Excellon Res Inc.
EXN-T
BUY
May 28, 2013
$1.510
Stock price when the opinion was issued
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COMMENT
Dundee vs Excellon? DPM-T was a previous Top Pick and he would look to add to a position. It is one of the highest free cash flow generators in the gold producing space. Production continues to grow and costs are better than their peers. He would continue to hold it. Silver does have some upside relative to gold, but he is not sure EXN-T is the best one.
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A silver mine in Mexico as well as some properties in Québec and Ontario. Silver prices have come off from the $50 level to the $22 level but he thinks silver prices will firm up in the low $20’s. Low-cost producing mine at about $6 per ounce so they have excellent metrics.