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Brian Szeto, Stonecap Securities (10/10/13) "For Q3/13, Timmins Gold Corp. produced at its San Francisco mine 29,139 oz gold and sold 28,665 oz. . .overall grades were in line with our expectations (0.77 g/t gold versus our expectations of 0.79 g/t gold) and recoveries came in better than expected (64.7% versus our expectations of 60%). . .we continue to maintain our Outperform rating and a $3 target price."
Erik Bermel, M Partners (10/8/13) "Timmons Gold Corp.'s completion of expansion to 24,000 tpd in Q3/13 should lead to free cash flow (FCF) in Q4/13. . .a resource update is expected in early Q4/13. . .the mine life based on reserves could be extended to 10+ years. . .the updated resource should provide increased confidence in our view that the company can generate FCF in most gold price environments over the long-term. . .we believe that as Timmins demonstrates the ability to generate FCF in both the near and long-term they should rerate toward similar cost structure peers that trade at a premium."
Joseph Fazzini, Dundee Capital Markets (9/25/13) "The simple, cost-efficient nature of Timmins Gold Corp.'s San Francisco mine provides for competitive all-in cash costs. . .and the company's cash position remains solid. . .Timmins plans to release an updated resource in the next few weeks along with new mine plan that will reflect the company's efforts to convert inferred ounces into the Measured & Indicated category (and subsequently reserves). We expect the drill program will both expand the existing resource base and upgrade a sizeable portion of resources into reserves."
Derek Macpherson, M Partners (9/11/13) "We reiterate our Buy rating and $3.20 price target on Timmins Gold Corp. We believe the recent selloff offers a very attractive entry point; this is particularly true given its discounted valuation to peers and significant near-term catalyst."
Ian Parkinson, GMP Securities (9/10/13) "Since its acquisition in 2007, Timmons Gold has grown annual production [at the San Francisco gold mine] to the ~125 Koz/year range and established an operating track record. We see room for further growth from this asset. . .given the company's strong track record and high-quality assets, we see meaningful upside potential as investors recognize the value inherent in the stock. . .we are initiating coverage with a Buy rating and a $3 target. . .we view Timmons' combination of a successful operation with organic upside and a large collection of prospective holdings as an appealing investment opportunity."
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