CMC Metals Ltd.
Nabs a Promising Project Near First Majestic's Mine
Published: 1/8/2024
Author: Sid Rajeev, B.Tech, CFA, MBA
Sector: Basic Materials | Industry: Other Precious Metals & Mining
| Metrics | Value |
|---|---|
| Current Price | US $0.04 |
| Fair Value | US $0.17 |
| Risk | 5 |
| 52 Week Range | US $0.03-0.20 |
| Shares O/S (M) | 146 |
| Market Cap. (M) | US $5 |
| Current Yield (%) | n/a |
| P/E (forward) | n/a |
| P/B | 4.9x |
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Report Highlights
Highlights
In December 2023, CMC Metals (“CMB”) entered into an agreement with Sailfish Royalty (TSXV: FISH/MCAP: $80M) to acquire the Gavilanes silver-polymetallic project in Mexico, located near First Majestic Silver’s (TSX: FR) San Dimas/Tayoltita mine. Gavilanes hosts small tonnage/high-grade inferred resources totaling 18.2 Moz AgEq (silver equivalent), grading 320 g/t AgEq. We note that the property exhibits significant resource expansion potential, given that its deposits remain open in several directions. In addition, multiple targets remain untested.
The company has completed a geophysical survey, and a drill program, at its Silverknife project in B.C. This property is just 1.1 km from Coeur Mining’s (NYSE: CDE/MCAP: $1.4B) Silvertip mine
