reports
- Dave Nicoski
- Ross LaDuke
Vermilion Short Shots: Technically Vulnerable Stocks
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
WLK WESTLAKE CHEMICAL CORPORATION
TOT.N TOTAL SE
SMG SCOTTS MIRACLE-GRO COMPANY CLASS A
SAGE SAGE THERAPEUTICS INC.
RARE ULTRAGENYX PHARMACEUTICAL INC.
QURE UNIQURE NV
PRLB PROTO LABS INC.
MKC MCCORMICK & COMPANY INCORPORATED
KAMN KAMAN CORPORATION CLASS A
GKOS GLAUKOS CORP
ESPR ESPERION THERAPEUTICS INC.
ERICn TELEFONAKTIEBOLAGET LM ERICSSON
DY DYCOM INDUSTRIES INC.
CALM CAL-MAINE FOODS INC.
BCC BOISE CASCADE CO.
AOSL ALPHA & OMEGA SEMICONDUCTOR
EOX. EUROMAX RESOURCES LTD.
ATR APTARGROUP INC.
AEM. AGNICO EAGLE MINES LIMITED
GBTa BMTC GROUP
WEED CANOPY GROWTH CORPORATION
LZB LAZBOY INCORPORATED
SNP SNEP
DRO DRONESHIELD
AMWD AMERICAN WOODMARK CORPORATION
TMHC TAYLOR MORRISON HOME CORPORATION
SWM SCHWEITZER-MAUDUIT INTERNATIONAL INC.
TPIC TPI COMPOSITES INC.
IRTC IRHYTHM TECHNOLOGIES INC.
DCPH DECIPHERA PHARMACEUTICALS INC.
AVNS AVANOS MEDICAL INC.
GOSS GOSSAMER BIO
NFE NEW FORTRESS ENERGY
CGEN COMPUGEN LTD.
VLDR VELODYNE LIDAR INC
ABCM ABCAM PLC
CCMP CMC MATERIALS INC
PNT POINT ASSET MANAGEMENT
A2JDEZ INC.
SCHRODER IMMOPLUS
Euromax Appoints new Chairman and Provides Corporate Update
Euromax Appoints new Chairman and Provides Corporate Update VANCOUVER, British Columbia, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Euromax Resources Ltd. (TSX: EOX): ("Euromax" or the "Company"), announces that it has appointed Tim Morgan-Wynne Non-Executive Chairman of the Company with immediate effect. Martyn Konig, the former Executive Chairman, will continue to serve as a Non-Executive Director of Euromax and is stepping down owing to other business commitments. Tim Morgan-Wynne joined the Company’s Board of Directors in June 2012 as Non-Executive Director and is also the Chairman of the A...
Euromax Announces Results of Annual General Meeting
Euromax Announces Results of Annual General Meeting VANCOUVER, British Columbia, June 28, 2018 (GLOBE NEWSWIRE) -- Euromax Resources Ltd. (TSX:EOX): ("Euromax" or the "Company") is pleased to report that all resolutions proposed, as set out in the Notice of Meeting dated 22 May 2018, were duly passed at its Annual General Meeting held in London, UK on Thursday, June 28, 2018. At the Meeting, each of the individuals nominated by management for election as a director of the Company were duly elected and the number of directors of the Corporation was fixed at eight (8) in accordance with th...
- Charles Gibson
Potential US$87.2m in initial capex savings
In November 2016, Euromax embarked on a contract mining tender process (in contrast to the owner-operator model envisaged in its DFS). The tender focused on the first seven years of mine life and, based on indicative offers received to date, holds out the prospect of a c US$42.2m capex saving in return for a US$0.17/t, or (estimated) US$42.9m life-of-mine, increase in (undiscounted) mining operating costs and adds C$0.05, or 5.7%, to our EOX valuation on a like-for-like basis (see Exhibit 3).
- Charles Gibson
Maximising Europe
Ilovica-Shtuka is a large project (ultimately it will account for 1-2% of Macedonian GDP) in a poor area of Europe with high unemployment. Now that parliamentary elections are completed, the stage is set for Euromax to raise equity and for the government to grant final construction permits early in CY17.
Update: TSX listing approval
Since our last update note, Euromax has announced a number of developments that represent a systematic de-risking of the Ilovica project, including 1) the first tranche of convertible debt funding by CCC and similar financing by the EBRD; 2) submission of the EIA to the Macedonian Ministry of Environment as the first step for its international ESIA; 3) German government confirmation of UFK eligibility for the debt financiers of Ilovica; and finally, yesterday 4) approval to move to the main boar...
Update: Strategic relationships cemented
On 8 April, Euromax announced that it is to raise up to US$30m via a strategic alliance with the mining finance vehicle of Consolidated Contractors Company (CCC). The raising will be in three tranches: a C$5.2m 9% convertible loan note this month, convertible at an equity price of C$0.40/share, plus (subject to the Ilovica project proceeding and CC Mining approval) US$5m in equity in tandem with up to US$20m in the form of a 10-year subordinated, secured loan facility at Libor plus 8%.
Outlook: Definitively feasible
On 6 January, Euromax (EOX) released the results of its feasibility study on its 100%-owned Ilovica gold-copper porphyry project. At a headline discount rate of 5%, the reported post-tax NPV was US$440.1m (US$3.77/share), while the pre-tax IRR was 19.8%. Significantly, the estimate of initial capex reduced to US$474.3m cf US$501.8m in the 2014 pre-feasibility study. The result is indicative of a more capital-efficient project and comes despite the DFS using lower long-term metals prices.
Update: Definitive feasibility study results
On 6 January, Euromax released the results of its feasibility study on its 100%-owned Ilovica gold-copper porphyry project, conducted by Amec Foster Wheeler, Tetra Tech, DMT, Golder Associates and Schlumberger, amongst others. While reported pre-tax and post-tax NPVs (using a 5% discount rate) are lower than the corresponding figures in 2014’s pre-feasibility study (PFS), at US$513.0m and US$440.1m (vs US$675m and US$558m) respectively, the corresponding internal rates of return are higher, at...
Update: Seamless strategy to FY16 funding and construction
Further to its streaming deal in October, Euromax announced on 1 May that it had mandated three banks plus Caterpillar Financial to provide up to US$240m of project and equipment finance for the development of Ilovitza at 2.75-3.25% above LIBOR. Moreover, it has confirmed that Ilovitza is also eligible to participate in the German UFK scheme, whereby the German government provides a direct guarantee to the banking consortium, which then enables it to designate the loan as German sovereign risk r...
Flash note: Non-brokered private placement with the EBRD
Euromax has entered into a subscription agreement with the European Bank of Reconstruction and Development (EBRD). Euromax will raise the equivalent of US$5m in Canadian dollars by issuing common shares to the EBRD at a subscription price of C$0.25/share. The placement should fulfil one of the conditions precedent under Euromax’s royalty streaming agreement with Royal Gold and lead to the release of the first tranche payment of US$7.5m.
Flash note: Royal Gold US$175m gold streaming agreement
Euromax has entered into a US$175m gold streaming agreement with Royal Gold, Inc. This agreement provides US$15m towards Phase 1 and US$160m towards Phase 2 of the total project financing requirement outlined by Euromax when it published the details of the Ilovitza pre-feasibility study in June 2014.
Update: Positive pre-feasibility and maiden reserve
Euromax Resources has announced the results of the pre-feasibility study (PFS) on its Ilovitza gold project in Macedonia. Euromax also declared a maiden reserve for Ilovitza of 2.45Moz of gold and 905Mlb of copper. Euromax highlighted a cash flow distribution-based strategy, in which its free cash flow will be distributed to shareholders. Euromax will begin Phase 1 financing of US$30m non-equity funding due in August 2014 and will start engaging with banks early to raise Phase 2 financing of US$...
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