Key Highlights

  • Mexican Gold Corp. (“company”) recently underwent a complete management overhaul, resulting in a brand new CEO, CFO, VP of Exploration, and Project Manager.
  • In July 2019, the company completed a $4 million financing at $0.08 per unit.
  • New management is focused on completing an updated resource estimate on the Las Minas gold-copper-silver project located in Veracruz state,
  • Our discussions with the new management indicated a shift in strategy and/or development plans from a potential open-pittable resource to an underground resource.
  • As the focus is on an underground resource, we are expecting a higher cut-off grade / lower tonnage resource relative to the 2017 initial estimate, which showed measured and indicated resources of 0.30 million ounces (“Moz”) gold equiv. oz at 1.90 gpt gold equiv. grade, and an inferred resource of 0.72 Moz gold equiv. oz at 2.17 gpt gold equiv. grade.
  • MEX is also expected to announce details of their upcoming exploration plans. Only two of the eight known zones on the property have a resource estimate.
  • MEX is currently trading at an Enterprise Value (“EV”) to resource ratio of $14 per oz versus the comparable average of $49 per oz.

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