Got this off an interview with Chris Marchese
Thought you guys might like to see this:
CM: One of my favorite junior gold plays right now is a Canadian company with operations in Panama and development projects in Spain and Portugal called Petaquilla Minerals Ltd. (PTQ:TSX, PTQMF:OTCBB, P7Z:FSE). Its main deposit is the Molejon gold mine in Panama, which reached commercial production in 2010 and has been ramping up production via several mill expansions ever since. It has been completely overlooked by the market even though it has one of the best production growth profiles out there, courtesy of its recent acquisition of Iberian Resources Corp. in August 2011.
In 2012, Petaquilla's production is projected to reach 100 Koz , 120 Koz in 2013 and nearly 250 Koz in 2015. This is excluding significant copper byproduct credits, which are forecast to reach 100 pounds per annum by 2015. Cash costs net of the company's silver and zinc credits were $557/oz in 2011 and are projected to remain between $500/oz and 600/oz going forward as silver credits will exceed 3 Moz. annually. The company also benefits from Panama's tax policy, giving Petaquilla a projected effective tax rate of 25%. Petaquilla is also a "special situation" at the moment, planning to spin out its wholly-owned infrastructure arm as an independent entity. Shareholders will receive one share for every four it holds prior to the spin-off date. I've modeled a net asset value on a fully diluted basis of over $3/share [using $1,600/oz Au, $2.50 Cu ~ discounted @ 15%], significantly higher than the current $0.42/share market price.
The composition of a company's largest shareholders often says a lot about the prospects of a company. In this case, management owns more than 12%, followed by significant stakes by Sprott Asset Management, U.S. Global Investors and Libra Advisors. I've always considered having at least 5% management ownership a huge positive due to an obvious alignment of objectives, notably increasing shareholder value.
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