Oceanagold aka OGC released more details about the upcoming IPO it has put together to be listed on the Manila Stock Exchange. They will be selling 20% of the shares of the Philippine subsidiary that owns its producing Didipio Au/Cu mine in the Philippines to raise $106M, which we are told will be used primarily to pay down debt. (OGC's debt totalled $232M at the end of 2023.)
Apparently the IPO, which is the first this year on the Manila exchange, is very popular with both institutional and institutional investors. Note that this price values Didipio at over half a billion dollars.
In response, Scotia issued a new analyst report on OGC calling the impact Positive, primarily because the shares were priced almost 25% above Scotia's expectations. They also expect OGC to generate over $200M FCF at current spot prices. They kept OGC at Sector Outperform with a target of $4.
Kodiak Copper aka KDK released the remainder of the drill results from its MPD property in southern BC, and though you would never know it by how the shares are trading, it was good news. The first drill holes under a soil anomaly appear to have caught the edge of another Cu/Au porphyry, dubbed the 1516 zone, to go along with their previous discovery, the Gate Zone. This gives further credence to KDK's model of MPD as containing multiple porphyries within two large clusters, along with a number of already known porphyries. This year's exploration campaign will further explore the 1516 zone.
The remainder of the released holes were from the West, South, and Man Zones, and served to confirm large areas of mineralization from surface to depth, and likewise will be followed up this year. Expect the details of this year's exploration plan to be released soon.
Even as they work to optimize their first Mexican gold mine and build the second, Minera Alamos aka MAI has in the background been working away on their Mexican copper assets, most recently moving the Los Verdes and Potreritos properties into a subsidiary, presumably as a precursor to eventually spinning it out into a separate listed company that operates a copper hub consisting of what they are calling 'low capital intensity copper assets'.
Now we hear about the next step in this process, with the announcement that MAI will be acquiring a private company called Minera Copper Gold which owns the nearby Suaqui Verde copper prospect. Suaqui Verde is a typical Mexican copper porphyry with an oxide cap over deeper sulphide mineralization, and is located 50km from Los Verdes (and from MAI's operating Santana gold mine). The property has good road access and nearby grid power, and has been the subject of historical drilling and Resource Estimates.
I expect it won't be long before we hear about the start of exploration in an attempt to upgrade those resources.
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