This is my newest buy. Super small position as digesting the opportunity but this is another turn around story a few years in the making. Going to officially commission the re-development of Africa's highest grade underground mine in Q3, which previously produced 9M oz of gold over the last century. Not an unproven mine.
USD 280M MC but catch is USD 185M of net debt split between cash, the Royal Gold Loan (technically deferred revenue on the BS), a senior royal gold debt facility (19M) and other debt which is mainly convertible debentures. Overhang here is that Royal Gold and the convertible debentures really own the company with the scraps left over for common equity. The next 12 months are "show me" time and if they keep delivering on the turn-around plan the market will get comfortable with GSC's ability to carry the debt. Gold loan no problem.
Link back to my last post for the presentation and look at slides 8. 2018 and 2019 will be around 300,000 oz of production per year around $900 AISC.
Recommend you take 10 minutes and read through this GREAT article that overviews the mines and the turnaround:
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