Pops (@pop_whiskey) 's Twitter Profile
Pops

@pop_whiskey

Whiskey drinker. Metals and mining investor. Skeptic, optimist.

ID: 1273722667644960778

calendar_today18-06-2020 21:02:13

813 Tweet

1,1K Followers

224 Following

Alex (@blackalex58) 's Twitter Profile Photo

This will likely be a part of the commercial justification for the eastern line of the Enapac desal project which is a potential source of water for the Fenix Gold mine expansion. 👇🏼👇🏼👇🏼

Pops (@pop_whiskey) 's Twitter Profile Photo

Now that there seems to be interest in the precious metal space instead of the usual chorus of boos, an idea in the 🧵below for bigtime explorer-like upside on a simple development project with a mgmt team who has done it before. $rio.v $rioff.

Pops (@pop_whiskey) 's Twitter Profile Photo

So with the upsized PP of $23M... is that it for equity? Napkin math said $rio.v needed ~$125M to $135M for the build. $25M from WPM, now $23M equity... feels like $77M to $87M debt is in reach. Last chance to board the train? Mark

David Finch (@davidfi_) 's Twitter Profile Photo

So here is the gold mining industry's AIC - (total costs i.e AISC+ growth capex, G&A, M&A, dividends etc.) vs the gold price. As you can see its been a horrible business, slipping in and out of marginally positive and negative free cash flow over the past 15 years. And

So here is the gold mining industry's AIC - (total costs i.e AISC+ growth capex, G&A, M&A, dividends etc.) vs the gold price. As you can see its been a horrible business, slipping in and out of marginally positive and negative free cash flow over the past 15 years. And
Pops (@pop_whiskey) 's Twitter Profile Photo

Gap of ~9% btwn comex Cu price (~$4.57) and LME (~$4.20) today. Comex is the US exchange, and means Cu landed inside the US; applies to output from US smelters or cathode production. Miners making con without integrated smelting take LME price. Fascinating implications.

Pops (@pop_whiskey) 's Twitter Profile Photo

Re-rate for Lil Fenix proceeding in an orderly way. I've got a target of C$1.50/sh for that, based on $2,300/oz LT consensus gold price ($600M mkt cap, 0.8x P/NAV, 1 4 CAD/USD, 440 Msh fully dil). Over/under NPV5 of Big Fenix study due this year is $2B. I'll take the over.

Pops (@pop_whiskey) 's Twitter Profile Photo

With consensus now at $2,550/oz, target is for Lil Fenix is $700M NPV5, 0.8x P/NAV, 1.4 CAD/USD, 440Msh fully diluted, so C$1.80/sh. Spot price, and Big Fenix study are further potential catalysts. Orderly. A. F.

Pops (@pop_whiskey) 's Twitter Profile Photo

This $tnr.v spat is most humorous. It appears the company has forgotten that the shareholders are the owners, they serve the shareholders. Management seem to mistakenly think it's "their" company. And that's dead wrong, the company belongs to the owners.

Pops (@pop_whiskey) 's Twitter Profile Photo

Rio2 left an incredible nugget in the water announcement. Targeting >300,000oz/a starting 2031. Take whatever capex assumptions you want, that implies a NPV5 (discounted to today!) of >$3.5B at consensus $2,750/oz. 0.6x P/NAV mult, 1.3 CAD/USD, 445 Msh, gives a target >C$6/sh