EDISON EQUITY RESEARCH - TRUE NORTH GEMS
17 Avril 2015 - 4:17PM
InvestorsHub NewsWire
EDISON EQUITY RESEARCH: TRUE NORTH GEMS - GREENLAND’S RUBY
AND PINK SAPPHIRE MINE
True North Gems’ Aappaluttoq ruby and pink sapphire mine in
Greenland will start up in Q315. This follows a turnaround year of
permit approvals and project financing. Two key risks remain:
project execution as planned and management’s ability to market its
gemstones. Concerning the latter, we await the first sale of
Aappaluttoq stones in H215 to provide the first indication of value
for its rubies and pink sapphires. Our DDF C$0.41/share valuation
(using a 10% discount rate) currently uses prices as contained
within True North’s revised pre-feasibility study (PFS), which we
also use to value the company’s shares.
True North Gems is developing its 93% owned (73% upon completion of
the mine by its JV partner LNSG) and exploitation (mining)
permitted Aappaluttoq ruby and pink sapphire mine in Greenland.
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