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Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Update: Major industry player signs three-year off-take
True North’s binding agreement with major Asian gemstone polisher Chinastone, details a three-year commitment for the latter to purchase US$7m (C$9.9m) of Aappaluttoq stones per year for an initial three-year term. Stones will be sold at market prices, paid for solely in cash. This is a major step forwards for the company, and brings on-board a major player in the gemstone market. True North intends to develop this partnership to engage further buyers for its highly marketable and conflict-fre...
Update: Breaking ground in Greenland
Mining has started at the Aappaluttoq ruby and pink sapphire mine on schedule and budget, marking a significant milestone in True North Gems' (TGX) history. With specialised process equipment currently being shipped, the mining underway will form a stockpile of raw gemstone-bearing material for subsequent processing towards the end of Q116. While sales contracts are being finalised we suspend our small FY15 revenue assumption as it has a negligible effect on our base case value, reducing it by o...
Update: Funded through to production
True North Gems (TGX) has secured C$5.3m via a share subscription agreement with Greenlandic private equity/venture capital firm Greenland Venture (GV). This financing effectively completes Aappaluttoq’s mine construction financing, paving the way to first production (expected Q415). A key near-term catalyst remains – sales agreements for Aappaluttoq’s ruby/pink sapphire output – the first of which are expected by year end.
Initiation: 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 p...
QuickView: Financed, in construction & due to start 2015
Taking the market by surprise is surely the continued turnaround in fortunes for True North Gems (TGX). Mine construction is now underway, which follows completion of its project financing, announced on 11 September 2014, and the approval of its mine permit on 3 March 2014. Construction and first cash flows are anticipated during 2015.
QuickView: Key permit improves development prospects
True North Gems’ prospects have improved materially since it obtained the right to mine its Aappaluttoq ruby-pink sapphire deposit in Greenland in March 2014. This was no mean feat as it is notoriously difficult to obtain mining permission in Greenland, due to the high level of environmental scrutiny undertaken by its government when approving future mining projects. However, this scrutiny plays to the current market for rubies, which demands highly ethical and responsibly mined gemstones, a r...
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