Part 3: Operating Cash FlowFinancial results not published as yet for some key Russian &West African (LSE trading) Peer Group members. As a result, we will have to wait for the Russian & West African Peer Group analysis.
This analysis is based on a broader Mid-Tier & Near Mid-Tier Peer Group for High River Gold, consisting of 12 companies (excluding High River)
High River Gold – trading at 2.3 times Q2 Op CF on an annualized basis
*C$22.8M Op CF in Q2
*C$.038 Q2 Op CF per Weighted Avg Q2 Basic Share
*C$.153 Q2 Op CF per Basic Share on an annualized basis
*597.4M Weighted Avg Q2 Basic Shares
*C$.355 Share Price (Aug. 14’09)
High River’s Mid-Tier & Near Mid-Tier Peer Group (the 12 companies listed below) is trading at 15.2 times Q2 Op CF on an annualized basis.
C$2.33 = What High River Gold’s share price should be based on this Peer Group’s Weighted Avg trading multiple combined with High River’s Operating Cash Flow results from Q2’09
$.153 * 15.2 = $2.33
1) Eldorado Gold – trading at 27.7 times Q2 Op CF on an annualized basis
*C$40.3M Op CF in Q2
*C$.11 Q2 Op CF per Weighted Avg Q2 Basic Share
*C$.43 Q2 Op CF per Basic Share on an annualized basis
*371.1M Weighted Avg Q2 Basic Shares
*C$12.04 Share Price (Aug. 14’09)
2) Randgold Resources – trading at 24.5 times Q2 Op CF on an annualized basis
*C$50.4M Op CF in Q2
*C$.66 Q2 Op CF per Weighted Avg Q2 Basic Share
*C$2.63 Q2 Op CF per Basic Share on an annualized basis
*76.7M Weighted Avg Q2 Basic Shares
*C$64.29 Share Price (Aug. 14’09)
3) Red Back Mining - trading at 21.0 times Q2 Op CF on an annualized basis
*C$27.6M Op CF in Q2
*C$.12 Q2 Op CF per Weighted Avg Q2 Basic Share
*C$.48 Q2 Op CF per Basic Share on an annualized basis
*229.5M Weighted Avg Q2 Basic Shares
*C$10.10 Share Price (Aug. 14’09)
4) Gammon Gold – trading at 14.8 times Q2 Op CF on an annualized basis
*C$15.1M Op CF in Q2
*C$.12 Q2 Op CF per Weighted Avg Q2 Basic Share
*C$.49 Q2 Op CF per Basic Share on an annualized basis
*122.8M Weighted Avg Q2 Basic Shares
*C$7.26 Share Price (Aug. 14’09)
5) Jaguar Mining - trading at 13.3 times Q2 Op CF on an annualized basis
*C$13.2M Op CF in Q2
*C$.17 Q2 Op CF per Weighted Avg Q2 Basic Share
*C$.68 Q2 Op CF per Basic Share on an annualized basis
*78.0M Weighted Avg Q2 Basic Shares
*C$8.98 Share Price (Aug. 14’09)
6) New Gold Inc. - trading at 12.9 times Q2 Op CF on an annualized basis
*C$18.1M Op CF in Q2
*C$.07 Q2 Op CF per Weighted Avg Q2 Basic Share
*C$.28 Q2 Op CF per Basic Share on an annualized basis
*258.3M Weighted Avg Q2 Basic Shares
*C$3.62 Share Price (Aug. 14’09)
7) Alamos Gold - trading at 11.5 times Q2 Op CF on an annualized basis
*C$23.5M Op CF in Q2
*C$.22 Q2 Op CF per Weighted Avg Q2 Basic Share
*C$.87 Q2 Op CF per Basic Share on an annualized basis
*107.6M Weighted Avg Q2 Basic Shares
*C$10.02 Share Price (Aug. 14’09)
8) Aurizon Mines - trading at 7.7 times Q2 Op CF on an annualized basis
*C$25.5M Op CF in Q2
*C$.15 Q2 Op CF per Weighted Avg Q2 Basic Share
*C$.59 Q2 Op CF per Basic Share on an annualized basis
*153.6M Weighted Avg Q2 Basic Shares
*C$4.54 Share Price (Aug. 14’09)
9) Golden Star Resources - trading at 5.0 times Q2 Op CF on an annualized basis
*C$32.2M Op CF in Q2
*C$.14 Q2 Op CF per Weighted Avg Q2 Basic Share
*C$.54 Q2 Op CF per Basic Share on an annualized basis
*236.2M Weighted Avg Q2 Basic Shares
*C$2.73 Share Price (Aug. 14’09)
10) Semafo - trading at 4.9 times Q2 Op CF on an annualized basis
*C$27.9M Op CF in Q2
*C$.12 Q2 Op CF per Straight Avg Q2 Basic Share
*C$.46 Q2 Op CF per Basic Share on an annualized basis
*241.6M Straight Avg (Weighted not available) Q2 Basic Shares
*C$2.28 Share Price (Aug. 14’09)
11) Northgate Minerals - trading at 2.8 times Q2 Op CF on an annualized basis
*C$54.9M Op CF in Q2
*C$.21 Q2 Op CF per Weighted Avg Q2 Basic Share
*C$.86 Q2 Op CF per Basic Share on an annualized basis
*255.9M Weighted Avg Q2 Basic Shares
*C$2.44 Share Price (Aug. 14’09)
12) Centerra Gold - trading at (19.7) times Q2 Op CF on an annualized basis
*(C$19.0M) Op CF in Q2
*(C$.09) Q2 Op CF per Weighted Avg Q2 Basic Share
*(C$.34) Q2 Op CF per Basic Share on an annualized basis
*202.5M Weighted Avg Q2 Basic Shares
*C$6.79 Share Price (Aug. 14’09)
Notes:
*All dollar figures are expressed in Canadian dollars
*Current exchange conversation rates were used - August 14’09
*Represents Operating Cash Flow
*Share counts represent weighted Q2 averages published by the various companies, unless otherwise noted (it is not necessarily a reflection of current share counts)
*Some Op CF per Weighted Avg Q2 Basic Share results may differ slightly from those published by the respective companies due to the exchange conversion to Canadian dollars