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Edison Initiates Coverage on True North Gems


News provided by

Edison Investment Research

16 Apr, 2015, 13:55 GMT

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LONDON, April 16, 2015 /PRNewswire/ --

Edison Investment Research, a leading international investment research firm, announces the initiation of full coverage of True North Gems 

     (Logo: http://photos.prnewswire.com/prnh/20130417/608168 )

Highlights of the analysis on True North Gems by Edison's metals & mining analysts Tom Hayes and Charles Gibson are as follows:

True North Gems' core asset is its 93%-owned (reducing to 73% as the mine enters production in Q315) ruby and pink sapphire deposit in Greenland, located on exploitation (mining) licence 2014/21, over 20km2. The licence provides exclusive rights to pursue mining activities in these areas. An exclusive exploration licence (2008/46) is also allocated to True North; this extends around the mine licence and hosts the second and third targets for future exploration.

Our base case valuation uses True North's 2015 PFS on the Aappaluttoq deposit announced on 18 March. The PFS details a currently defined nine-year mine life (although deposits 2 and 3 have already been identified as extending this), extracting variably sized and distributed quantities of rubies and pink sapphires. Sale agreements are being finalised with offtake partners for specific parcels of stones. This 'sight-holder' approach is favoured over auctions (eg Gemfields' approach) as Aappaluttoq's hard rock deposit style (cf alluvial deposits such as Gemfields') allows for far greater prediction of mine output. On this basis, we value True North's 73% share of Aappaluttoq at C$0.41 (using a 10% discount rate). A near-term risk associated with achieving the sale of Aappaluttoq's stones during FY15 exists, but adjusting FY15 revenue by increments of C$5m only alters our valuation by 3%.

To download this report, please click here.

All reports published by Edison are available to download free of charge from its website http://www.edisongroup.com.

About Edison: Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals works with leading companies, fund managers and investment banks worldwide to support its capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority (http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584).

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact:
Tom Hayes
Edison Investment Research    
+44-(0)20-3077-5725

Charles Gibson
Edison Investment Research
+44-(0)20-3077-5724
mining@edisongroup.com


Contact details: Learn more at http://www.edisongroup.com and connect with Edison on:  
LinkedIn: http://www.linkedin.com/company/edison-investment-research
Twitter: http://www.twitter.com/Edison_Inv_Res
YouTube: http://www.youtube.com/edisonitv

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