Opinions
Rick Rule
Sabina Gold & Silver Corp.
SBB-T
DON'T BUY
Aug 06, 2013
$1.010
Stock price when the opinion was issued
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DON'T BUY
A gold developer with a development asset in Nunavut, a resource of about 5 million good grade ounces. This size of mine is an interesting deposit to a potential acquirer. He typically stays away from developers because they burn cash flow for a number of years as they build a mine. When they start generating cash flow is when he usually becomes more interested. They have recently come into some permitting hiccups, which probably puts a cap on the stock until they address those concerns, which can take 1-2 years.
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TOP PICK
He met with the CEO yesterday. Their Nunavut is a project is a high-grade open pit, which costs a lot, but the grades as three times the average and yields a high 6 gr/tonne. He's waiting for a new feasibility study and expansion of the resource after the last three years of drilling. (Analysts’ price target is $2.94)
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PAST TOP PICK
(A Top Pick Mar 03/20, Up 14%) Are developing gold in Nunavut in a fully-permitted, high-grade, open-pit project. The knock is that it's in a northern frontier which means higher costs to fly in and out supplies, and it's less easy to work up north. He's owned this stock for years and is confident with them. He expects construction to start in 2022.
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Likes the people and likes a lot about the deposit but it is too remote for him. Doesn’t think this is the type of deposit that gets built this cycle.