The Investment Doctor • Sat, Nov. 22
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- Treasury Metals will follow up on promising leads with a drill program funded by debt.
- This isn’t a surprise as the finance facility was specifically meant to prepare Treasury’s project for a feasibility.
- The investment thesis could change depending on the outcome of this drill program and the impact of the shallow high grade zone.
- Marc Henderson is a well-respected figure in the mining industry, and the Chairman of Treasury Metals.
- Treasury Metals is a junior mining company with properties in Ontario. It's flagship Goliath project has a defined resource and should be economical to mine at the current gold price.
- Mr. Henderson was kind enough to take the time to answer my questions about Treasury Metals, and I think he makes a compelling argument for investing in the stock.
Treasury Metals - There's More Gold Than You Think, But Is The Project Viable At A Lower Gold Price?
- At first sight, Treasury Metals' Goliath project looks very interesting.
- However, a lot of the sustaining capex will have to be spent in the first few years of the mine life, putting pressure on the cash flow.
- As the project will be highly depending on the gold price in the first few years of the operation, I think the lenders will require a gold hedge.
- On the positive side, almost half of the resources were not included in the PEA. If these could be added to the mine life, the project value increases.
- At this point there are too many question marks (feasibility study, project financing, potential hedge) I'd need to see tackled before initiating a position.
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