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- Orosur Mining reported strong 2014 earnings results of $5.1 million as production costs came down.
- The company's production figures surpassed my expectations.
- The company also increased its reserves at San Gregorio.
- The shares are inexpensive with a P/E ratio of 4.5 making them extremely compelling.
- Orosur Mining is down 95% from its 2006 peak.
- The company has suffered from high production costs at its San Gregorio mine and perceived geopolitical risk operating in Uruguay.
- Production costs are coming down and the geopolitical risk is not so large.
- Even using a conservative 14% discount rate the San Gregorio mine is worth more than the company's entire market cap.
- Furthermore investors get a free call option on gold--the Pentanillo project--which could send the stock soaring if the gold price rises.
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