Ezenet (ASX: EZE), soon to be re-named Oro Verde (ASX: OVL), has been the focus of a broker report on the company's operations, as Oro Verde looks to advance exploration at its Chuminga Copper Gold Project and Vega Gold Silver Project in Chile.
The following is an extract from the report:
'OVL will have a market cap of about $19m after the raising, of which $8.5m will be cash, its share in WTI.AIM has a value of about $1.7m and the farm in by AEE to the U3O8 ELs in Mauritania implies a value of $1.7m for the remaining 30% interest.
'A comparison for Chuminga is the ASX listed Hot Chile (ASX: HCH) which has a JORC Resource of 85Mt at 0.8% Cu eq for 680,000 tonnes contained copper equivalent metal.
'Chuminga has an exploration target of 690,000 tonnes to 950,000 tonnes of copper equivalent metal, from 50 million tonnes to 60 million tonnes of mineralisation.
'The market cap of HCH is $85m, compared with an EV for OVL of about $7m, though Chuminga and Vega have yet to be fully paid for.'
AGM 28 November
Approval to change the activity of Ezenet to mining is expected to be granted at the Annual General Meeting on 28 November, together with a name change to Oro Verde.
A three for one share consolidation will also be voted on at the meeting.