Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100-per-cent-owned Cerro Blanco gold and Mita geothermal projects located in Guatemala. A feasibility study on Cerro Blanco returned robust economics with a quick payback. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration.
This document is Devon Energy's 2007 annual report. It discusses Devon's strong financial and operational performance in 2007, which included record net earnings of $3.6 billion and cash flow of $6.7 billion. Devon increased oil and gas production by 12% and drilled its 1,000th well in the Barnett Shale. The report highlights Devon's commitment to growth, including ongoing development projects and exploration, particularly in the deepwater Gulf of Mexico. It also discusses Devon's commitment to its employees, communities, and the environment.
xcel energy 12_6XcelUtilityWeekSECwAppendix12062006finance26
This document provides a summary from Xcel Energy's Vice President and CFO to Wall Street analysts on the company's strategy for sustainable growth. The strategy focuses on building the core business by meeting customer needs, showing environmental leadership, and helping shape public policy. It outlines accomplishments in recent rate cases and regulatory approvals. The CFO projects $1.6-1.7 billion in annual capital expenditures through 2020 to upgrade infrastructure and add new generation. Financing plans include the dividend reinvestment plan, modest debt increases, and hybrid securities to fund the estimated $500 million or less in annual capital needs while maintaining investment grade credit ratings.
The document discusses plans to re-stimulate the A-35-10 #2 well in the Citronelle oil field. It provides background on the field and well, identifies the A-35-10 #2 as a candidate for re-fracturing based on its production history and location. Production forecasting estimates the well could see a 20% increase in production from a successful re-fracture. An economic analysis of 24 cases estimates positive returns depending on production rates and decline curves used. The proposed workover and re-fracturing plan aims to stimulate additional zones in the well.
- Atmos Energy Corporation reported fiscal year 2008 earnings of $180.3 million, or $2.00 per share, compared to $168.5 million, or $1.92 per share in fiscal year 2007.
- Regulated operations contributed $134.1 million or $1.49 per share in 2008, up from $107.9 million or $1.23 per share in 2007.
- Nonregulated operations contributed $46.2 million or $0.51 per share in 2008, down from $60.6 million or $0.69 per share in 2007, due to a less volatile natural gas market.
- The company affirmed its fiscal year 2009 earnings guidance of $2
This document provides an overview and summary of Xcel Energy's strategy for sustainable growth between 2006-2020. It discusses Xcel's focus on building its core utility business through meeting customer needs, environmental leadership, and constructive regulation. Key initiatives include investments in renewable energy, emissions reductions, and new technologies. The document also summarizes Xcel's recent rate case outcomes, future investment opportunities, sources of cash, and earnings guidance. It outlines Xcel's objectives of 5-7% annual EPS growth and increasing the dividend by 2-4% annually.
Chesapeake Energy Corporation reported financial and operational results for Q4 2012 and full year 2012. For Q4, net income was $257 million and adjusted EBITDA was $1.089 billion. Production averaged 3.931 billion cubic feet equivalent per day, up 9% from Q4 2011. Liquids production increased 39% year-over-year to 147,500 barrels per day. For 2012, the net loss was $940 million and adjusted EBITDA was $3.754 billion. Production averaged 3.886 billion cubic feet equivalent per day, up 19% from 2011. The company added 5.0 trillion cubic feet equivalent of proved reserves in 2012.
The document provides an investor update from Penn West Energy Trust. It discusses Penn West's discovered petroleum initially-in-place (DPIIP), including that DPIIP is equivalent to original oil in place. It also notes that certain information in the presentation constitutes forward-looking statements and is subject to risks and uncertainties. Furthermore, the document summarizes Penn West's light oil and natural gas reserves, prospective acreage holdings in various plays, and its Cardium development program in west central Alberta.
el paso 03_27Leland_CreditSuisse_FINAL(Web)finance49
The document provides an overview of El Paso Corporation, including its two core businesses of interstate pipelines and exploration and production. It summarizes El Paso's leading pipeline network in North America, well-positioned assets, committed growth backlog approaching $4 billion, and focus on sustainable long-term growth through pipeline infrastructure investments and 8-12% annual production growth from E&P. The document also reviews El Paso's leveraged finance position and management of capital costs for major projects.
This document is Devon Energy's 2007 annual report. It discusses Devon's strong financial and operational performance in 2007, which included record net earnings of $3.6 billion and cash flow of $6.7 billion. Devon increased oil and gas production by 12% and drilled its 1,000th well in the Barnett Shale. The report highlights Devon's commitment to growth, including ongoing development projects and exploration, particularly in the deepwater Gulf of Mexico. It also discusses Devon's commitment to its employees, communities, and the environment.
xcel energy 12_6XcelUtilityWeekSECwAppendix12062006finance26
This document provides a summary from Xcel Energy's Vice President and CFO to Wall Street analysts on the company's strategy for sustainable growth. The strategy focuses on building the core business by meeting customer needs, showing environmental leadership, and helping shape public policy. It outlines accomplishments in recent rate cases and regulatory approvals. The CFO projects $1.6-1.7 billion in annual capital expenditures through 2020 to upgrade infrastructure and add new generation. Financing plans include the dividend reinvestment plan, modest debt increases, and hybrid securities to fund the estimated $500 million or less in annual capital needs while maintaining investment grade credit ratings.
The document discusses plans to re-stimulate the A-35-10 #2 well in the Citronelle oil field. It provides background on the field and well, identifies the A-35-10 #2 as a candidate for re-fracturing based on its production history and location. Production forecasting estimates the well could see a 20% increase in production from a successful re-fracture. An economic analysis of 24 cases estimates positive returns depending on production rates and decline curves used. The proposed workover and re-fracturing plan aims to stimulate additional zones in the well.
- Atmos Energy Corporation reported fiscal year 2008 earnings of $180.3 million, or $2.00 per share, compared to $168.5 million, or $1.92 per share in fiscal year 2007.
- Regulated operations contributed $134.1 million or $1.49 per share in 2008, up from $107.9 million or $1.23 per share in 2007.
- Nonregulated operations contributed $46.2 million or $0.51 per share in 2008, down from $60.6 million or $0.69 per share in 2007, due to a less volatile natural gas market.
- The company affirmed its fiscal year 2009 earnings guidance of $2
This document provides an overview and summary of Xcel Energy's strategy for sustainable growth between 2006-2020. It discusses Xcel's focus on building its core utility business through meeting customer needs, environmental leadership, and constructive regulation. Key initiatives include investments in renewable energy, emissions reductions, and new technologies. The document also summarizes Xcel's recent rate case outcomes, future investment opportunities, sources of cash, and earnings guidance. It outlines Xcel's objectives of 5-7% annual EPS growth and increasing the dividend by 2-4% annually.
Chesapeake Energy Corporation reported financial and operational results for Q4 2012 and full year 2012. For Q4, net income was $257 million and adjusted EBITDA was $1.089 billion. Production averaged 3.931 billion cubic feet equivalent per day, up 9% from Q4 2011. Liquids production increased 39% year-over-year to 147,500 barrels per day. For 2012, the net loss was $940 million and adjusted EBITDA was $3.754 billion. Production averaged 3.886 billion cubic feet equivalent per day, up 19% from 2011. The company added 5.0 trillion cubic feet equivalent of proved reserves in 2012.
The document provides an investor update from Penn West Energy Trust. It discusses Penn West's discovered petroleum initially-in-place (DPIIP), including that DPIIP is equivalent to original oil in place. It also notes that certain information in the presentation constitutes forward-looking statements and is subject to risks and uncertainties. Furthermore, the document summarizes Penn West's light oil and natural gas reserves, prospective acreage holdings in various plays, and its Cardium development program in west central Alberta.
el paso 03_27Leland_CreditSuisse_FINAL(Web)finance49
The document provides an overview of El Paso Corporation, including its two core businesses of interstate pipelines and exploration and production. It summarizes El Paso's leading pipeline network in North America, well-positioned assets, committed growth backlog approaching $4 billion, and focus on sustainable long-term growth through pipeline infrastructure investments and 8-12% annual production growth from E&P. The document also reviews El Paso's leveraged finance position and management of capital costs for major projects.
- Bluestone Resources Inc. is focused on developing its Cerro Blanco gold project and Mita Geothermal project in Guatemala.
- A feasibility study for the Cerro Blanco project outlines average annual gold production of 113,000oz over 8 years at an AISC of $579/oz and after-tax NPV of $241M.
- The analyst maintains a speculative buy rating and price target of C$3.00 based on a valuation of $380M for Cerro Blanco plus other assets. Near-term catalysts include resource updates and a production decision in 2019.
Pi financial - Bluestone Resources ReportMomentumPR
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100-per-cent-owned Cerro Blanco gold and Mita geothermal projects located in Guatemala. A feasibility study on Cerro Blanco returned robust economics with a quick payback. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration.
- Almaden Minerals produced a positive preliminary economic assessment for its Ixtaca gold-silver project in Mexico, outlining it as a sizable producer with attractive economics.
- The PEA shows strong economics even at lower metal price forecasts, with an after-tax IRR of 17% at $1,200/oz gold and $20/oz silver.
- Higher capital costs were outlined due to choosing to produce doré bars rather than concentrate, but this eliminates smelting charges and provides financing flexibility through royalty sales.
- The analyst maintains a "Buy" rating and increases the target price to C$2.80 per share based on the reduced risk from the completed PEA.
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100-per-cent-owned Cerro Blanco gold and Mita geothermal projects located in Guatemala. A feasibility study on Cerro Blanco returned robust economics with a quick payback. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration.
Lake Shore Gold is a Canadian gold producer with two operating mines that is on track to meet or exceed its 2014 production guidance of 180,000 ounces of gold. The company has a strong cash position of $67 million and is generating free cash flow. Exploration is having success extending reserves and identifying new resources, particularly at the Bell Creek mine where drilling indicates potential to grow reserves below the current mining area. Lake Shore Gold aims to increase shareholder value by consistently meeting production and cost targets, generating cash flow, advancing growth projects, and through exploration success.
Lake Shore Gold Corp. is a Canadian gold producer with two operating mines, the Timmins West Mine and Bell Creek Mine, located near Timmins, Ontario. The company produced 142,500 ounces of gold in the first nine months of 2014 and is targeting annual production of at least 180,000 ounces. Exploration drilling continues to intersect high-grade gold mineralization around the Timmins West and Bell Creek mines as the company works to expand resources and reserves to extend the mine lives.
The document provides information about Lake Shore Gold Corp., including:
1) Lake Shore Gold had record gold production of 185,600 ounces in 2014, exceeding guidance of 160,000-180,000 ounces.
2) The company achieved low unit costs in 2014, with total cash costs of US$595/oz and all-in sustaining costs of US$875/oz, better than guidance.
3) The company increased its cash position from $34 million to $60 million in 2014 through free cash flow, while also repaying $45 million in debt.
Lake Shore Gold Corp is at a major turning point, with production expected to reach over 140,000 ounces of gold annually by 2014 through expanding mining and milling capacity at its Timmins West and Bell Creek mines to over 3,000 tonnes per day. In the first half of 2013, the company achieved record gold production of 54,000 ounces at cash operating costs of US$909 per ounce. Lake Shore Gold has guided full year 2013 production of 120,000-135,000 ounces at cash operating costs of US$800-US$875 per ounce and capital investment of approximately $90 million.
Lake Shore Gold provided an operational and financial update for Q4 and full year 2011. Key highlights included doubling gold production to 86,565 ounces and doubling resources for a second consecutive year. The company is focused on ramping up mining and milling capacity to 3,000 tonnes per day by late 2012 through development work at Timmins West Mine and Bell Creek. Guidance for 2012 is 85,000 to 100,000 ounces of gold production.
Lake Shore Gold Corp. is a gold mining company operating in the Timmins West gold camp in Ontario, Canada. It has three multi-million ounce gold complexes - Timmins West, Bell Creek, and Fenn-Gib. Lake Shore recently reached a new production milestone of over 3,000 tonnes per day and is on track to produce between 120,000-135,000 ounces of gold in 2013. The company has a large reserve and resource base, low costs of US$800-875 per ounce, and strong exploration potential for further expanding its resources.
1) Lake Shore Gold produced 18,833 ounces of gold in Q3 and is on track to meet its 2011 target of 85,000 ounces.
2) Cost performance was strong in Q3 with cash costs of $94 per tonne or $884 per ounce.
3) The company continues to advance five deposits that could each contain over one million ounces of gold: Timmins, Thunder Creek, Bell Creek, Thorne, and Fenn-Gib.
4) Lake Shore Gold expects to significantly grow its resource base by the end of 2011 with initial resource estimates from Thunder Creek and Fenn-Gib.
Third Quater 10 November 2011 Conferance CallLake Shore Gold
1) Lake Shore Gold produced 18,833 ounces of gold in Q3 and is on track to meet its 2011 target of 85,000 ounces.
2) Cost performance was strong in Q3 with cash costs of $94 per tonne or $884 per ounce.
3) The company continues to advance five deposits that could each contain over one million ounces of gold: Timmins, Thunder Creek, Bell Creek, Thorne, and Fenn-Gib.
4) Lake Shore Gold expects to significantly grow its resource base by the end of 2011 with initial resource estimates from Thunder Creek and Fenn-Gib.
This document provides a summary of Lake Shore Gold Corp.'s third quarter 2013 conference call and webcast. Key highlights include:
- Cash operating costs improved to $701 per ounce sold in Q3 2013, meeting the company's targets.
- The mill expansion was completed in September, allowing throughput of 3,370 tonnes per day and production of 13,400 ounces.
- Production was 28,900 ounces for the quarter, with solid performance despite commissioning of the expanded mill. Guidance for 2013 remains on track to produce between 120,000 to 135,000 ounces.
This document provides an analysis of Botswana Diamonds plc by First Equity Limited. It values Botswana Diamonds' key projects including Thorny River, KX36, and Ghaghoo based on their resource estimates and development risks. For Thorny River, the analyst estimates a risked valuation of $44.5 million based on an open pit mining plan and exploration upside. For Ghaghoo, the value is lowered to $7.2 million given lapsed sales agreements but potential for redeals. For KX36, the value is $23.5 million due to increased development risk without Ghaghoo restart. Based on these values, the company's enterprise valuation is estimated at
The analyst raises their 2001 EPS estimate for Evergreen Resources Corporation from $2.62 to $3.09 and their 2001 DCF estimate from $4.43 to $5.21 based on higher expected natural gas prices. They also introduce 2002 EPS and DCF estimates of $3.14 and $5.16, respectively. Production is currently tracking in line with expectations but is unlikely to exceed forecasts. The analyst maintains their buy rating until production in the Raton Basin exceeds expectations.
Fourth Quarter & Full - Year 2013 Conference Call & Webcast Lake Shore Gold
Lake Shore Gold Corp. held a conference call to discuss its fourth quarter and full-year 2013 results. Key highlights included producing 134,600 ounces of gold in 2013, a 57% increase over 2012. Cash operating costs were $766 per ounce and all-in sustaining costs improved 52% to $1,139 per ounce. Reserves support production of 160,000 to 180,000 ounces per year for the next five years with costs below $1,000 per ounce. The company also took an impairment charge of $225 million related to lower gold price assumptions and reduced resources at the Timmins West Mine.
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100-per-cent-owned Cerro Blanco gold and Mita geothermal projects located in Guatemala. A feasibility study on Cerro Blanco returned robust economics with a quick payback. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration.
This document summarizes a presentation on low-cost gold production in Timmins, Ontario given at the 2016 PDAC Convention. It discusses Lake Shore Gold's forward-looking statements regarding expected production levels, costs, and business plans. It also provides details on Lake Shore Gold's quality control programs and lists the qualified persons who reviewed and approved the scientific and technical information contained in the presentation.
Lake Shore Gold is a growing gold producer targeting annual production of 160,000 to 180,000 ounces of gold in 2014. It has two operating mines, Timmins West and Bell Creek, located in the Timmins gold camp in Ontario, Canada. The presentation provides an overview of the company's production growth trajectory, cost profile, reserves and resources, capital structure, and outlook for continued growth from its existing asset base and exploration potential.
Lake Shore Gold reported record production and financial results for the second quarter and first half of 2014. Production in Q2 2014 reached a record 52,300 ounces, a 70% increase over the prior year quarter. Cash costs and all-in sustaining costs saw significant improvements of 39% and 38%, respectively, compared to Q2 2013. The company also reported record cash flow from operations and increased its cash position to $53.4 million.
The document discusses Rover Metals, a mining company focused on critical mineral and precious metal exploration projects in North America. It outlines Rover's key projects, which include a lithium exploration project in Nevada, USA and a zinc-lead-silver-copper project in the Northwest Territories, Canada. Rover aims to establish domestic supply chains for critical minerals necessary for clean energy technologies like electric vehicles, wind, and solar power.
Canada Silver Cobalt Works owns several high-potential battery metal and silver properties in Quebec and Ontario. These include the Graal project with nickel-copper-cobalt sulphide discoveries grading up to 2.08% nickel and 3.75% copper, and the Castle Silver Mine property with a past-producing silver mine and newly discovered very high-grade silver deposit at Castle East averaging over 8,500 g/t silver. The company is also developing its proprietary Re-2Ox hydrometallurgical process to produce battery metals from mining operations and battery recycling. Next steps include ramp development at Castle East, underground exploration at Castle Mine, and advancing the Re-2Ox process.
- Bluestone Resources Inc. is focused on developing its Cerro Blanco gold project and Mita Geothermal project in Guatemala.
- A feasibility study for the Cerro Blanco project outlines average annual gold production of 113,000oz over 8 years at an AISC of $579/oz and after-tax NPV of $241M.
- The analyst maintains a speculative buy rating and price target of C$3.00 based on a valuation of $380M for Cerro Blanco plus other assets. Near-term catalysts include resource updates and a production decision in 2019.
Pi financial - Bluestone Resources ReportMomentumPR
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100-per-cent-owned Cerro Blanco gold and Mita geothermal projects located in Guatemala. A feasibility study on Cerro Blanco returned robust economics with a quick payback. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration.
- Almaden Minerals produced a positive preliminary economic assessment for its Ixtaca gold-silver project in Mexico, outlining it as a sizable producer with attractive economics.
- The PEA shows strong economics even at lower metal price forecasts, with an after-tax IRR of 17% at $1,200/oz gold and $20/oz silver.
- Higher capital costs were outlined due to choosing to produce doré bars rather than concentrate, but this eliminates smelting charges and provides financing flexibility through royalty sales.
- The analyst maintains a "Buy" rating and increases the target price to C$2.80 per share based on the reduced risk from the completed PEA.
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100-per-cent-owned Cerro Blanco gold and Mita geothermal projects located in Guatemala. A feasibility study on Cerro Blanco returned robust economics with a quick payback. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration.
Lake Shore Gold is a Canadian gold producer with two operating mines that is on track to meet or exceed its 2014 production guidance of 180,000 ounces of gold. The company has a strong cash position of $67 million and is generating free cash flow. Exploration is having success extending reserves and identifying new resources, particularly at the Bell Creek mine where drilling indicates potential to grow reserves below the current mining area. Lake Shore Gold aims to increase shareholder value by consistently meeting production and cost targets, generating cash flow, advancing growth projects, and through exploration success.
Lake Shore Gold Corp. is a Canadian gold producer with two operating mines, the Timmins West Mine and Bell Creek Mine, located near Timmins, Ontario. The company produced 142,500 ounces of gold in the first nine months of 2014 and is targeting annual production of at least 180,000 ounces. Exploration drilling continues to intersect high-grade gold mineralization around the Timmins West and Bell Creek mines as the company works to expand resources and reserves to extend the mine lives.
The document provides information about Lake Shore Gold Corp., including:
1) Lake Shore Gold had record gold production of 185,600 ounces in 2014, exceeding guidance of 160,000-180,000 ounces.
2) The company achieved low unit costs in 2014, with total cash costs of US$595/oz and all-in sustaining costs of US$875/oz, better than guidance.
3) The company increased its cash position from $34 million to $60 million in 2014 through free cash flow, while also repaying $45 million in debt.
Lake Shore Gold Corp is at a major turning point, with production expected to reach over 140,000 ounces of gold annually by 2014 through expanding mining and milling capacity at its Timmins West and Bell Creek mines to over 3,000 tonnes per day. In the first half of 2013, the company achieved record gold production of 54,000 ounces at cash operating costs of US$909 per ounce. Lake Shore Gold has guided full year 2013 production of 120,000-135,000 ounces at cash operating costs of US$800-US$875 per ounce and capital investment of approximately $90 million.
Lake Shore Gold provided an operational and financial update for Q4 and full year 2011. Key highlights included doubling gold production to 86,565 ounces and doubling resources for a second consecutive year. The company is focused on ramping up mining and milling capacity to 3,000 tonnes per day by late 2012 through development work at Timmins West Mine and Bell Creek. Guidance for 2012 is 85,000 to 100,000 ounces of gold production.
Lake Shore Gold Corp. is a gold mining company operating in the Timmins West gold camp in Ontario, Canada. It has three multi-million ounce gold complexes - Timmins West, Bell Creek, and Fenn-Gib. Lake Shore recently reached a new production milestone of over 3,000 tonnes per day and is on track to produce between 120,000-135,000 ounces of gold in 2013. The company has a large reserve and resource base, low costs of US$800-875 per ounce, and strong exploration potential for further expanding its resources.
1) Lake Shore Gold produced 18,833 ounces of gold in Q3 and is on track to meet its 2011 target of 85,000 ounces.
2) Cost performance was strong in Q3 with cash costs of $94 per tonne or $884 per ounce.
3) The company continues to advance five deposits that could each contain over one million ounces of gold: Timmins, Thunder Creek, Bell Creek, Thorne, and Fenn-Gib.
4) Lake Shore Gold expects to significantly grow its resource base by the end of 2011 with initial resource estimates from Thunder Creek and Fenn-Gib.
Third Quater 10 November 2011 Conferance CallLake Shore Gold
1) Lake Shore Gold produced 18,833 ounces of gold in Q3 and is on track to meet its 2011 target of 85,000 ounces.
2) Cost performance was strong in Q3 with cash costs of $94 per tonne or $884 per ounce.
3) The company continues to advance five deposits that could each contain over one million ounces of gold: Timmins, Thunder Creek, Bell Creek, Thorne, and Fenn-Gib.
4) Lake Shore Gold expects to significantly grow its resource base by the end of 2011 with initial resource estimates from Thunder Creek and Fenn-Gib.
This document provides a summary of Lake Shore Gold Corp.'s third quarter 2013 conference call and webcast. Key highlights include:
- Cash operating costs improved to $701 per ounce sold in Q3 2013, meeting the company's targets.
- The mill expansion was completed in September, allowing throughput of 3,370 tonnes per day and production of 13,400 ounces.
- Production was 28,900 ounces for the quarter, with solid performance despite commissioning of the expanded mill. Guidance for 2013 remains on track to produce between 120,000 to 135,000 ounces.
This document provides an analysis of Botswana Diamonds plc by First Equity Limited. It values Botswana Diamonds' key projects including Thorny River, KX36, and Ghaghoo based on their resource estimates and development risks. For Thorny River, the analyst estimates a risked valuation of $44.5 million based on an open pit mining plan and exploration upside. For Ghaghoo, the value is lowered to $7.2 million given lapsed sales agreements but potential for redeals. For KX36, the value is $23.5 million due to increased development risk without Ghaghoo restart. Based on these values, the company's enterprise valuation is estimated at
The analyst raises their 2001 EPS estimate for Evergreen Resources Corporation from $2.62 to $3.09 and their 2001 DCF estimate from $4.43 to $5.21 based on higher expected natural gas prices. They also introduce 2002 EPS and DCF estimates of $3.14 and $5.16, respectively. Production is currently tracking in line with expectations but is unlikely to exceed forecasts. The analyst maintains their buy rating until production in the Raton Basin exceeds expectations.
Fourth Quarter & Full - Year 2013 Conference Call & Webcast Lake Shore Gold
Lake Shore Gold Corp. held a conference call to discuss its fourth quarter and full-year 2013 results. Key highlights included producing 134,600 ounces of gold in 2013, a 57% increase over 2012. Cash operating costs were $766 per ounce and all-in sustaining costs improved 52% to $1,139 per ounce. Reserves support production of 160,000 to 180,000 ounces per year for the next five years with costs below $1,000 per ounce. The company also took an impairment charge of $225 million related to lower gold price assumptions and reduced resources at the Timmins West Mine.
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100-per-cent-owned Cerro Blanco gold and Mita geothermal projects located in Guatemala. A feasibility study on Cerro Blanco returned robust economics with a quick payback. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration.
This document summarizes a presentation on low-cost gold production in Timmins, Ontario given at the 2016 PDAC Convention. It discusses Lake Shore Gold's forward-looking statements regarding expected production levels, costs, and business plans. It also provides details on Lake Shore Gold's quality control programs and lists the qualified persons who reviewed and approved the scientific and technical information contained in the presentation.
Lake Shore Gold is a growing gold producer targeting annual production of 160,000 to 180,000 ounces of gold in 2014. It has two operating mines, Timmins West and Bell Creek, located in the Timmins gold camp in Ontario, Canada. The presentation provides an overview of the company's production growth trajectory, cost profile, reserves and resources, capital structure, and outlook for continued growth from its existing asset base and exploration potential.
Lake Shore Gold reported record production and financial results for the second quarter and first half of 2014. Production in Q2 2014 reached a record 52,300 ounces, a 70% increase over the prior year quarter. Cash costs and all-in sustaining costs saw significant improvements of 39% and 38%, respectively, compared to Q2 2013. The company also reported record cash flow from operations and increased its cash position to $53.4 million.
Similar to Cormark - Bluestone Resources Report (20)
The document discusses Rover Metals, a mining company focused on critical mineral and precious metal exploration projects in North America. It outlines Rover's key projects, which include a lithium exploration project in Nevada, USA and a zinc-lead-silver-copper project in the Northwest Territories, Canada. Rover aims to establish domestic supply chains for critical minerals necessary for clean energy technologies like electric vehicles, wind, and solar power.
Canada Silver Cobalt Works owns several high-potential battery metal and silver properties in Quebec and Ontario. These include the Graal project with nickel-copper-cobalt sulphide discoveries grading up to 2.08% nickel and 3.75% copper, and the Castle Silver Mine property with a past-producing silver mine and newly discovered very high-grade silver deposit at Castle East averaging over 8,500 g/t silver. The company is also developing its proprietary Re-2Ox hydrometallurgical process to produce battery metals from mining operations and battery recycling. Next steps include ramp development at Castle East, underground exploration at Castle Mine, and advancing the Re-2Ox process.
This document summarizes information about Sonoro Gold Corp, a gold exploration and development company with properties in Sonora, Mexico. It outlines the company's management team and technical team's experience in discovering and developing over 12 mines. It then focuses on describing the Cerro Caliche Gold Project, located in Sonora. An updated Preliminary Economic Assessment from May 2022 showed increased economic parameters for an open-pit heap leach operation at Cerro Caliche, including a higher pre-tax NPV and IRR compared to the previous PEA. The updated PEA also demonstrated lower initial capital costs and operating costs.
This document summarizes information about Sonoro Gold Corp, a gold exploration and development company with properties in Sonora, Mexico. It outlines the company's management team and technical team's experience in discovering and developing over 12 mines. It then focuses on describing the Cerro Caliche Gold Project, located in Sonora, Mexico. An updated Preliminary Economic Assessment from May 2022 showed increased economic parameters for an open-pit heap leach operation at Cerro Caliche, including a higher pre-tax NPV and IRR compared to the previous PEA. The updated PEA also demonstrated lower initial capital costs and operating costs.
Granada Gold Mine Corporate Presentation May 2022.pdfMomentumPR
Granada Gold Mine is presenting on its gold exploration project located in Quebec's prolific Abitibi region. The project covers the underexplored Granada shear zone and has seen high-grade historic samples. Recent drilling continues to intersect high-grade gold zones around and below the existing pits, supporting potential resource expansion and underground development. Granada Gold plans further drilling, permitting, and engineering to increase resources and advance the project towards production.
- Canadian junior exploration company focused on exploring and advancing early stage high-grade battery and precious metal projects across North America.
- The company's key projects include the Jackpot Lake lithium brine project in Nevada, the Lost Basin gold project in Arizona, and the Nicobat nickel-copper-cobalt project in Ontario.
- The Nicobat project will be spun out into a new publicly traded company, with Usha shareholders receiving shares in the new company.
Equity Research Report Sonoro Gold Corp - jun-22-us.pdfMomentumPR
Sonoro Gold Corp announced a private placement to raise up to CAD $2.025 million through the sale of units consisting of shares and warrants. Sonoro is developing its Cerro Caliche gold project in Mexico into a 15,000 tonne per day open pit mine, with initial production of 47,000 ounces of gold per year. The updated Preliminary Economic Assessment showed improved economics for the project, with lower costs and higher returns. Sonoro has submitted environmental permits which are required before construction can begin, and plans to submit a land use permit application, which once approved will allow debt financing and construction to proceed.
TRU Precious Metals Fact Sheet
Tru has assembled a portfolio of five gold exploration properties in the highly prospective central Newfoundland gold belt. The company has an option with a subsidiary of Toronto Stock Exchange-listed Altius Minerals Corp. to purchase 100 per cent of the Golden Rose project, located along the deposit-bearing Cape Ray-Valentine Lake shear zone. Tru also owns 100 per cent of the Twilite gold project, located along the same shear zone, and three underexplored properties including its Rolling Pond property (under option) bordering New Found Gold Corp.'s high-grade Queensway project.
SBM-Investor-Presentation-April-2022
Sirona Biochem was founded in 2009 by its current Chairman and CEO, Dr. Howard Verrico. The Company’s first transaction was to acquire an exclusive global license to TFChem’s proprietary diabetes drug, the SGLT2 Inhibitor.
Sonoro Gold Corp is a publicly listed gold exploration and development company with highly experienced management and technical teams. It has two precious metal properties in Sonora, Mexico: the Cerro Caliche Gold Project and the SanMarcial Gold & Silver Project. The company aims to expedite operations at its flagship Cerro Caliche gold project to fund growth and development with minimal shareholder dilution. Cerro Caliche is a low-sulfidation epithermal vein structure with multiple near-surface gold zones and potential for higher grades at depth, based on over 51,000 meters of drilling to date. A preliminary economic assessment outlines a proposed open-pit heap leach operation with a pre-tax NPV of $41.5
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Tru has assembled a portfolio of five gold exploration properties in the highly prospective central Newfoundland gold belt. The company has an option with a subsidiary of Toronto Stock Exchange-listed Altius Minerals Corp. to purchase 100 per cent of the Golden Rose project, located along the deposit-bearing Cape Ray-Valentine Lake shear zone. Tru also owns 100 per cent of the Twilite gold project, located along the same shear zone, and three underexplored properties including its Rolling Pond property (under option) bordering New Found Gold Corp.'s high-grade Queensway project.
The presentation provides an overview of the Cerro Caliche Gold Project located in Sonora, Mexico. It summarizes that over 47,500 meters of drilling have been completed to date, which supported a preliminary economic assessment that outlined a 7-year mine life with average annual production of 56,500 ounces of gold equivalent and an after-tax IRR of 32.5%. It outlines the 2022 program, which includes permitting, engineering, and construction activities to develop an open pit, heap leach mine at Cerro Caliche.
SBM-Investor-Presentation-March-2022
Sirona Biochem was founded in 2009 by its current Chairman and CEO, Dr. Howard Verrico. The Company’s first transaction was to acquire an exclusive global license to TFChem’s proprietary diabetes drug, the SGLT2 Inhibitor.
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The Gaboury Project consists of 95 mining claims totalling 4,958 hectares located approximately 150 km southwest of Rouyn-Noranda. Nickel, copper, and gold occurrences were previously discovered in the geological environment near the project area. The company conducted a 1,500m drilling program in 2021 and plans an additional 5,000m drilling campaign in 2022 to test for extensions of previous discoveries and confirm the presence of nickel along a 7km magnetic anomaly. Historical drilling has returned results including 87.7m at 0.20% nickel and 121.5m at 0.32% nickel.
Rover Metals January 2022 Update - Latest analyst report MomentumPR
- Rover Metals completed a Phase 2 exploration program at its Cabin gold project in the Northwest Territories that confirmed two gold zones and identified three new anomalies.
- Drilling expanded the known zones and returned multiple high-grade intercepts, indicating potential for a medium-sized resource. A maiden resource estimate is planned for 2022.
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This document provides information on Glen Eagle Resources Ltd., a gold mining company operating in Honduras. It summarizes the company's mission to maximize shareholder value through gold production and exploration. It also provides details on capital structure, ownership, gold processing facilities in Honduras, mining concessions, and management. The company operates a gold processing plant in Honduras and holds two mining concessions in the country near known gold deposits. It is led by an experienced management team with backgrounds in mining project development, operations, and finance.
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UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
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ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
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Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
1. Tyron Breytenbach, P.Geo, (416) 943 6747, tbreytenbach@cormark.com
Nicolas Dion, CFA, Associate, (416) 943 4220, ndion@cormark.com
MORNING MEETING NOTES
JANUARY 30, 2019
During the past twenty-four months, Cormark Securities Inc., either on its own
or as a syndicate member, participated in the underwriting of securities and
provided financial advice regarding the stock market insight and financial
analysis regarding potential transactions for Bluestone Resources Inc.
Our disclosure statements are located on the second last page of this report
Recommendation: Buy (S)
Target Price: C$3.10
Bluestone Resources Inc. (BSR-TSV)
DFS Milestone Points To Low Funding Hurdle
Current Price C$1.42 Shares Outstanding (MM)
52 Wk High C$1.60 Basic
52 Wk Low C$1.05 Diluted
Cash (MM) $8.9 Mngt. & Dir.
Total Debt (MM) $0.0 Market Cap.
NAVPS C$3.50 Float
P/NAV 0.41x EV
Spot NAVPS* C$4.19 Reserves
Spot P/NAV* 0.34x Total Resource
EV/Reserve
EV/Resource
* Cormark deck is $1,250/oz; spot gold is $1,312/oz
75.0
$63/oz
5.7
C$90.7
63.8
$38/oz
C$82.5
$59.3
0.9 MMoz
1.6 MMoz
Unless otherwise denoted, all figures shown in US$
Investment Thesis:
Bluestone is advancing the high-grade (8.5 g/t Au), high-margin (AISC of
$579/oz) Cerro Blanco asset in Guatemala, which it acquired from Goldcorp in
2017. We believe the strong Management team (ex-Kaminak, ex-OceanaGold)
will be able to navigate through jurisdictional challenges and bring the quality,
low capex asset into production, driving a multiple re-rating.
Highlights:
Revamped Geological Model: The major change to the mine design is a
more complex geological model requiring a selective mining approach. As a
result, more cut and fill mining is planned, driving a modest increase in AISC to
a still impressive $579/oz (vs 490/oz in the PEA and $555/oz in our model).
Economics Still Robust: At our $1,250/oz gold deck, Cerro Blanco will
generate a 34% post-tax IRR and payback all capex in 2.1 years. The NPV5%
of $241 MM is in line with our $262 MM estimate.
Very Fundable: While the new study is a minor downgrade from the PEA in
terms of total NPV (-17%), the DFS is backed by a very detailed picture of the
geology and a much more defendable mine plan. This study, along with the
Lundin-calibre board/team, should ensure the asset gets funded in 2019.
Maintaining Buy (S) Rating And C$3.10 Target Price: We had already
dialed in higher costs than estimated in the PEA and so our target is
unchanged. BSR looks very undervalued at 0.41x the funded/diluted NAV,
especially considering we give zero value to the >20 MW geothermal asset.
Company Description:
Bluestone has acquired the Cerro Blanco asset in
Guatemala from Goldcorp. The former owners
(Goldcorp/Glamis) have since spent >$230 MM on
exploration and development including an assessment of
the geothermal power capacity. The high grade asset
offers a foundation for growth for the ex-Kaminak
management team. Lukas Lundin (46%) and Goldcorp
(4.9%) are large strategic shareholders.
Source: BigCharts.com, January 29, 2019 (Chart C$)
2. Tyron Breytenbach, P.Geo, (416) 943 6747, tbreytenbach@cormark.com
Nicolas Dion, CFA, Associate, (416) 943 4220, ndion@cormark.com
MORNING MEETING NOTES
JANUARY 30, 2019
Our disclosure statements are located on the second last page of this report
Reworked Mine Plan:
Following >14 months of infill drilling, underground mapping and re-logging of 120 historic holes, BSR
delivered an updated resource in late 2018 (note). One of the findings was that the deposit has a
more complex structural control than previously thought. The geological work outlined entirely
new/unmodelled veins but also showed that mineralization is discreetly hosted in a series of parallel
and sub-parallel veins of varying widths in contrast to the bulky model used in the PEA.
As a result, the DFS mine plan has moved to a more selective approach with a larger proportion of
ore now coming from cut-and-fill mining vs. the PEA which assumed long-hole as the predominant
(89%) mining method. As a result, unit mining costs in the DFS have increased to $67.01/t vs.
$49.06/t in the PEA. However, we expected as much and had been modelling a $58/t mining cost
since initiation.
Despite the revised mining approach, the project maintains a bottom quartile projected AISC of
$579/oz, among the lowest in our developer coverage universe.
Other changes include a better understanding of the groundwater conditions and a more conservative
water management plan which along with enhanced ventilation is responsible for the remaining creep
in AISC and the new capex assumption ($196 MM vs $171 MM in the PEA). We note that >40% of
the resource is above the water table, which mitigates this risk in the early years.
Our full list of assumptions and the DFS results are below; we have adjusted our model to match the
DFS but we dial in some resource conversion (discussed later in report). We also model a 5% NSR
(vs 2% in the DFS) as that is what most producers have historically paid on a “voluntary” basis in
Guatemala.
Figure 1: Mine Plan Assumptions/DFS Results
2017 PEA 2019 DFS Cormark Old Cormark New
Gold Price $/oz 1,250 1,250 1,250 1,250
Silver Price $/oz 16 18 15 15
Mine Life years 9 8 9 9
Tonnes Milled MM tonnes 4.0 3.4 4.0 4.1
Gold Head Grade g/t Au 8.1 8.5 8.1 8.5
Silver Head Grade g/t Ag 28.0 32.2 27.9 32.2
Ore Throughput tpd 1,250 1,250 1,250 1,250
Au Recovery Rate % 91.3 96 91 96
Ag Recovery Rate % 87.8 85 88 85
LOM Gold Production 952 902 947 1,066
Avg. Annual Gold Production oz 105 113 110 123
Mining Cost US$/t ore 49.1 67.0 58.0 67.0
Processing Cost US$/t ore 26.3 19.8 30.0 19.8
Site services US$/t ore 19.2 19.2
G&A Cost US$/t ore 17.3 11.8 20.0 11.8
Operating Cost US$/t ore 92.6 117.8 108.0 117.8
Pre-Production Capex US$MM 171 196 143 196
LOM Sustaining & Closure Capex US$MM 112 140 111 157
Royalty % 2.0 2.0 5.0 5.0
AISC (net of by-product) US$/oz Au 490 579 555 617
After Tax & Royalties
NPV (5% discount) US$MM $317 $241 $262 $251
IRR % 43.9 34.0 50.0 33.3
Payback years 1.8 2.1 1.7 2.4
Source: Company Reports, Cormark Securities
3. Tyron Breytenbach, P.Geo, (416) 943 6747, tbreytenbach@cormark.com
Nicolas Dion, CFA, Associate, (416) 943 4220, ndion@cormark.com
MORNING MEETING NOTES
JANUARY 30, 2019
During the past twenty-four months, Cormark Securities Inc., either on its own or as a syndicate member, participated in the
underwriting of securities and /or provided financial advice regarding the stock market insight and financial analysis regarding potential
transactions and/or received a fee for the non-brokered placement of securities for these companies
Our disclosure statements are located on the second last page of this report
Figure 2: AISC - Cormark Developer Coverage
1,022
891
860
785 783 781 764
728 718 700 689
662 653 638 630 626 613
585 579 568 547 523
$0/oz
$200/oz
$400/oz
$600/oz
$800/oz
$1,000/oz
$1,200/oz
AISC(US$/oz)
Source: Company Reports, Cormark Securities
New Defendable Study Lowers Funding Hurdle:
The DFS economics show a 34% post-tax IRR and $241 MM NPV5% at $1,250/oz. While this is a
step-down from the PEA, the new document is supported by a much more thorough work plan and
oversight from the Lundin-centric board/technical advisory committee is highly defendable.
At spot gold, we estimate capital payback of ~1.8 years which will help BSR secure debt/royalty
funding which is targeted for H2/19.
Opportunities For Improvement:
The easiest route to NAV growth is the ongoing conversion and expansion of the resource as 357 koz
of inferred were excluded from the DFS. These ounces are immediately adjacent to planned
infrastructure (and in many cases above the water table) and should be accretive to the economics.
We model a 50% conversion rate of the inferred going forward.
Given the discreet, vein-hosted style of mineralization, BSR will evaluate optical ore sorting as the
technology continues to evolve and improve. The technology is being tested out at comparable
resources like Orion/Dalradian’s Curraghinalt deposit with very encouraging results.
Finally, a review of the backfill assumptions may allow BSR to reduce capex/opex by switching to
alternatives to paste fill.
We also need to mention the non-mining upside and we continue to flag the >20 MW geothermal
asset that has already had $60 MM spent on evaluating its resource. The geothermal asset could
either be sold, we estimate a market value of >$100 MM based on CF multiples of peer Polaris
Infrastructure (PIF:T, Buy rating, C$25.00 target, covered by MacMurray Whale), or farmed out to
provide energy cost savings ($0.10/kwh vs. $0.18/kwh diesel generated power) at the mine.
4. Tyron Breytenbach, P.Geo, (416) 943 6747, tbreytenbach@cormark.com
Nicolas Dion, CFA, Associate, (416) 943 4220, ndion@cormark.com
MORNING MEETING NOTES
JANUARY 30, 2019
Our disclosure statements are located on the second last page of this report
Figure 3: Low Hanging Resource Fruit
Source: Company Reports
Maintaining Buy (S) Rating, C$3.10 Target:
We are maintaining our Buy (S) rating and C$3.10 target, which continues to be based on a funded
and diluted NAV and our $1,250/oz gold price deck. The target increase is due to lower assumed
equity dilution as the share price improves.
Our C$3.10 NAV assumed the mine is 40% equity funded at C$1.40 share price and our
unfunded/takeout NAV at spot ($1,312/oz) gold is over $5/sh.
At 0.41x NAV BSR offers substantial value (Year 1 pre-tax CF is multiples of current EV) and while
the project comes with obvious social/political risk, we believe the market is being too punitive as
Bluestone should not be simply painted with the same brush as its neighbors. We have more hope for
a favorable outcome at Escobal (or at least less noise) following the takeout offer from Pan American.
We recommend owning this stock into its production ramp-up which should see a large re-rating of its
multiple, before re-evaluating the position once the mine starts to produce gold and cash. The
company has $9 MM in cash and with the full capex funding unlikely until H2/19, we expect BSR
might top up ($15-25 MM) given the large and supportive shareholder (Lukas Lundin).
5. Tyron Breytenbach, P.Geo, (416) 943 6747, tbreytenbach@cormark.com
Nicolas Dion, CFA, Associate, (416) 943 4220, ndion@cormark.com
MORNING MEETING NOTES
JANUARY 30, 2019
During the past twenty-four months, Cormark Securities Inc., either on its own or as a syndicate member, participated in the
underwriting of securities and /or provided financial advice regarding the stock market insight and financial analysis regarding potential
transactions and/or received a fee for the non-brokered placement of securities for these companies
Our disclosure statements are located on the second last page of this report
Figure 4: Valuation ($1,250/oz)
US$MM US$/Share
Assets
Cerro Blanco NPV5% 250.8 1.68
Ounces outside mine plan (448 koz @ $15/oz) 6.7 0.04
Other Exploration Assets 10.0 0.07
Corporate Adjustments
Current Cash 11.8 0.08
Cash from ITM Options/Warrants at Target 10.0 0.07
Future Equity Financing 104.3 0.70
Total USD 393.5 2.63
Total CAD C$523.3 C$3.50
Basic Shares Outstanding (Current) 63.84
ITM Options/Warrants at Target 11.12
New Shares To Fund Capex @ C$2.00/sh 74.47
Fully Financed & Diluted Shares Outstanding 149.43
Current Bluestone Price C$1.42
Price/NAV 0.41x
Source: Cormark Securities
Figure 5: Peer Comps P/NAV At $1,250/oz
Median: 0.44x
0.0x
0.2x
0.4x
0.6x
0.8x
1.0x
1.2x
♦OSK
♦SIL
MAG
♦AXR
♦GSV
LUG
♦AMM
MAX
VIT
RIO
CDV
♦PRB
♦BGM
♦SBB
♦SOLG
♦OLA
ORG
RGD
♦BSR
♦WAF
ORE
♦IDM
♦ER
FF
♦C
GQC
♦GFG
P/NAV
Source: Cormark Securities
We, Tyron Breytenbach and Nicolas Dion, hereby certify that the views expressed in this research report accurately reflect our personal views about
the subject company(ies) and its (their) securities. We also certify that we have not been, and will not be receiving direct or indirect compensation in
exchange for expressing the specific recommendation(s) in this report.
8. MORNING MEETING NOTES
JANUARY 30, 2019
RECOMMENDATION TERMINOLOGY
Cormark’s recommendation terminology is as follows:
Top Pick our best investment ideas, the greatest potential value appreciation
Buy expected to outperform its peer group
Market Perform expected to perform with its peer group
Reduce expected to underperform its peer group
Our ratings may be followed by "(S)" which denotes that the investment is speculative and has a higher degree of risk associated with it.
Additionally, our target prices are set based on a 12-month investment horizon.
For Canadian Residents: This report has been approved by Cormark Securities Inc. (“CSI”), member IIROC and CIPF, which takes
responsibility for this report and its dissemination in Canada. Canadian clients wishing to effect transactions in any security discussed should do
so through a qualified salesperson of CSI. For US Residents: Cormark Securities (USA) Limited (“CUSA”), member FINRA and SIPC, accepts
responsibility for this report and its dissemination in the United States. This report is intended for distribution in the United States only to certain
institutional investors. US clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of CUSA.
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other investment products which may be offered to their residents, as well as the process for doing so. As a result, some of the securities
discussed in this report may not be available to every interested investor. This report is not, and under no circumstances, should be construed
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but the accuracy or completeness of the information is not guaranteed, nor in providing it does CSI or CUSA assume any responsibility or
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companies and the holdings of their respective directors, officers and companies with which they are associated may have a long or short
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placement agent for a private placement of any of the securities of any company mentioned in this report, may from time to time solicit from or
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