In this briefing:
1. New J. Hutton Exploration Report (Week Ending 01/02/19)
- Gold Road Resources (GOR AU) Recommend BUY
- Gruyere JV (50/50) 91% complete, on schedule and budget
- 150koz pa Au attributable production to GOR, first bullion pour Q219
- Forecast EBIT $A74-84m pa, substantial cashflows starting Q419
- Price/EBIT ratio 8 to 9.1, A$44m cash – no debt
- Own virtually the entire Yamarna Greenstone Belt (~ 6,500km2)
- A$20m 2019 exploration budget – exceptional prospectivity
- Corporate takeover target likely by Gold Fields Ltd (GFI SJ)
- Aura Energy Ltd (AEE AU), Catalyst Metals (CYL AU), Liontown Resources (LTR AU), Millennium Minerals (MOY AU), Southern Gold (SAU AU), Azumah Resources (AZM AU), Focus Minerals (FML AU), Oklo Resources (OKU AU), Red 5 Ltd (RED AU), Troy Resources (TRY AU)
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