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Original-Research: Rover Metals Corp. - von Sphene Capital GmbH
Einstufung von Sphene Capital GmbH zu Rover Metals Corp.
Unternehmen: Rover Metals Corp.
ISIN: CA77937B2003
Anlass der Studie: Update Report
Empfehlung: Buy
seit: 14.12.2023
Kursziel: CAD 0,62 (bisher: CAD 0,75)
Kursziel auf Sicht von: 36 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler
Cabin Lake offered for sale – Focus on Lithium assets
With a strict focus on the Let’s Go Lithium project in Nevada and the IML
project in the Northwest Territories, Rover Metals has announced that it
intends to offer its 100% owned Cabin Lake gold project for sale. Located
110 km northwest of Yellowknife at the northern end of Russell Lake, Cabin
Gold reportedly hosts high-grade gold in iron formation in Archean
metasedimentary rocks. After acquiring the project in 2018, Rover Metals
confirmed and expanded the historical gold resource, including by
completing an airborne magnetic geophysical survey on the Bugow iron
formation. A phase 1 diamond drilling exploration program at the historical
Arrow Zone resulted in the discovery and definition of a high-grade (31.9
meters averaging 13.66 g/t Au) gold ore vein at the Cabin Arrow Zone that
extends 140 meters at surface and is open at depth.
According to the company, the property is being offered under a staged-ownership purchase option, that includes an up-front cash payment and ongoing royalty payments. The transaction is intended to bring-in needed working capital for 2024e, among others for further permitting work at the LGL project (Rover Metals' main asset) and further exploration and identification of pegmatites at the IML project.
The sale will be preceded by the publication of the NI 43-101 Technical Report for the Cabin Lake project, which is scheduled for Q1/2024e. This will reportedly include multiple high-grade gold drill intercepts with drill results of up to 13.66 g/t Au that were published in 2020.
After the recent decline in LCE prices, we have adjusted our valuation model and now calculate a probability weighted net asset value based and fully diluted price target of CAD 0.62 per share. Our price target is based solely on the speculative lithium resources of the LGL project, other assets were not included in our valuation, representing a potential bonus to our NAV calculation. We maintain our Buy rating for the shares of Rover Metals.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28545.pdf
Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553
peter-thilo.hasler@sphene-capital.de
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