Opinions
Charles Oliver, HBSc CFA
Roxgold Inc
ROXG-T
COMMENT
Aug 05, 2014
$0.890
Stock price when the opinion was issued
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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.
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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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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
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In the last few years he has been focusing on high grades and safe jurisdictions. This one is a very high grade deposit. CapX is going to be about $100 million to get it on line. Feasibility and IRR numbers are absolutely spectacular on this project, so he very much likes it. Burkina Faso is a reasonably stable place, but he would suggest you diversify your risks by diversifying into different jurisdictions.