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Update: Teranga Gold Earnings Prove The Company Is On The Right Track
- Teranga Gold produced 48,000 ounces of gold at an AISC of $954/oz.
- As expected, the company is now free cash flow positive again, which will rapidly improve the company’s balance sheet.
- I’ll write an updated in-depth article shortly, but the lower share price compensates for the lower gold price, and Teranga will probably still be a ‘buy’.
- Teranga Gold reported Q3 results Friday. The company earned $2.4 million in profit on sales of 44,573 ounces of gold.
- All-in sustaining costs came in at $954 per ounce, but should fall further over the next few quarters.
- Teranga also expects a better Q4, with higher production and lower costs. By the end of the year, the company should be debt-free.
- Most gold miners have fallen sharply in price, as has Teranga; I think shares are a buy here regardless.
- Teranga Gold has confirmed the production guidance as it expects to produce gold from the Masato zone shortly.
- This was expected and will boost both the company’s operating and free cash flow profile.
- If Teranga Gold can deliver on what it’s promising, it could be an interesting investment for a double-digit return in 12 months time.
Update: Teranga On Track To Meet 2014 Production Guidance; High-Grade Drill Results ReportedHard Asset Investments • Tue, Sep. 16
- Teranga Gold announced Monday that the company is on track to meets its 2014 production guidance of 220,000 to 240,000 ounces of gold.
- However, the company also announced that it expects cash flows to improve by $40-$60 million in 2015 by reducing capital expenses at the Masato deposit.
- In addition, new high-grade drill results were reported at the Masato deposit, which could increase the resource base.
- It looks like the company is firing on all cylinders and will head into 2015 stronger than ever before, as it expects to produce 80,000 ounces of gold in Q4.
- I'm a buyer of Teranga Gold shares at current prices as I feel the company has substantial upside potential.
- Insiders at Teranga Gold have purchased more than 600,000 shares of the stock over the past few months, including a recent purchase by the Chairman.
- The company is aiming to grow its annual gold production to as high as 350,000 ounces annually, at industry leading all-in costs.
- Teranga Gold is a compelling buy at current prices and is highly leveraged to a rising gold price. I am bullish.
It Is High Time For Teranga Gold To Step Up The Game And Deliver
- Teranga Gold's second quarter results disappointed.
- The company is facing an uphill battle to meet payment obligations in the second half of the year.
- Production will need to meet or exceed guidance, and the gold price needs to hold up in order to just scrape by.
- Another capital raise seems to be a distinct possibility if operations can't be improved significantly in coming quarters.
Teranga Gold Disappoints With Its Q2 Results, But Might Still Be Worth A Look
- Teranga Gold Corp. reports a Q2 production of only 39.857 ounces of gold, but sees 130,000 ounces for the second half of 2014.
- The company still foresees to be debt free by year-end and 2015 should provide strong free cash flow.
- A bad quarter doesn't mean a bad company. The main investment case remains intact.
A Lot Has Changed At Teranga Gold, But Were The Changes Positive?
- Teranga Gold has digested the OJVG acquisition which increased its measured and indicated resources by 123%.
- The company is now integrating the additional resources in its strategic plan which could positively impact the future production rate.
- A recently closed bought deal financing was necessary to get rid of the working capita deficit.
- Teranga aims to be debt-free by the end of this year, and will produce gold at an all-in sustaining cash cost of less than $1000/oz.
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