Opinions
Charles Oliver, HBSc CFA
Roxgold Inc
ROXG-T
COMMENT
Mar 25, 2014
$0.620
Stock price when the opinion was issued
precious metals
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He has looked at it in the past. A portfolio manager change with a few key mutual funds may have resulted in the stock priced getting hurt as they sold out of their positions. They have done a good operational job, but it is a little too small for him. He is going to take a closer look going forward.
precious metals
COMMENT
It is one of the best in the space. It has a single asset risk and exploration has not born out given what they have spent. A recent acquisition may change things in terms of diversification. A fund was a major holder of this stock last year and liquidated it and put the valuation under pressure.
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BUY
Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. It is a smaller and cheaper company than the big gold names. It has more leverage to deal with, discovery and multiple expansion is possible. There is more risk. Generally, small and mid cap gold outperform in a gold rally. You need to be okay with the risk. Unlock Premium - Try 5i Free
precious metals
Political risks? As a portfolio manager, he has to diversify his risks. Tries not to put too much risk in any one country. Looking at Burkina Faso, there is some risk, but doesn’t think it is high level, but you have to be cognizant of it. There are some elections coming. Current Prime Minister, who has been in place since 1986, will be losing his chance to run again unless they change the rules. This company has a very high grade project and is trading very cheaply. If he has 3%-4% holding in this country, he is fine with that.