Opinions
Rick Rule
Skeena Resources Limited
SKE-X
BUY
Dec 13, 2024
N/A
Stock price when the opinion was issued
Mining
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The strip ratio is a moderate-high 7.5:1. Metallurgy is an issue. Brent Cook: The issue here is that the higher-grade ore is very dirty which makes it an issue to process. Nearby hydroelectric facilities and better access will take their capital costs down a lot. An interesting play at an reasonable price now. They may need to raise more money.
Mining
HOLD
People are concerned about the deleterious elements in the ore. Thinks the grade is so high that people will be willing to accept the smelter penalty. When people realize they can still make money, either share price goes up or it gets taken out.
Superb relationship with host First Nations -- both royalty holders and shareholders. This says something about the management team.
Mining
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Highest open-pit mine grade in the world. Great asset. Knock against the stock has been the refractory nature of the ore and potential penalties. Even with penalties, this will be stupidly profitable.
Goodwill with its indigenous partners is a lesson for the whole mining community.