Noble Mineral Resources Limited : BBY Research on NMG – April 2012 04/19/2012 | 09:46pm US/Eastern Noble Mineral Resources Ltd (NMG) is currently bringing its flagship 150kozpa Bibiani Gold Project in Ghana, West Africa, into production. NMG has two other gold exploration projects in Ghana, and a nickel-copper-PGE exploration project in WA. Research Summary Noble Mineral Resources (NMG) has raised a further A$20M to make up for the funding shortfall needed to deliver Bibiani. We have updated our model with recent raisings, and adjusted our model in line with NMG's projected capex spend (+ US$10M surplus to requirements).
Our production profile now reflects gold production from tailings until end May 2012, after which we begin processing Satellite ore, and we have raised our operating costs until Bibiani's performance can be established. Finally, we lift the corporate tax rate to 35% (from our prev 30%) to reflect our view of Ghana's likely tax regime. Our NPV has lowered to A$0.92/sh (prev A$1.25/sh), our new price target, which represents a 156% premium to the current share price. We retain our Strong Buy recommendation.
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