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White Rock Minerals Ltd

The current rights issue is a watershed moment for the company. If supported by the market, White Rock will have the funds to progress the DFS and EIS of its 100% owned Mt Carrington Gold Silver Project, while Sandfire funds the exploration of White Rock’s Red Mountain zinc and precious metals project in Alaska.

  • Base Case valuation is 2.5cps (A$76.2M):
    • 5x upside vs current share price
  • Mt Carrington (NSW Australia) valuation A$47.3M with A$8M initial capex after potential Cartesian Funding
    • High valuation/capex ratio = 5.9X and remnant A$8M funding hurdle achievable for WRM
    • Generates A$15M pa cash flow at current gold prices
    • The potential funding facility from Cartesian offers White Rock US$19M (A$28M) to build the Mt Carrington gold and silver project subject to conditions
    • Resources of 341Koz gold and 23.2Moz silver
  • Red Mountain Alaska worth between A$9M and A$50M to WRM
    • WRM currently owns 100% but diluting to 49‐30% with Sandfire funding A$20‐30M of exploration and evaluation.
    • Resource of 16.7Mt at 8.9% ZnEq or 9.1Mt at 12.9% ZnEq
    • Alaska is highly prospective, and becoming better known to Australian investors with Northern Star’s acquisition of Pogo Gold Mine
  • 2:3 non‐renounceable rights issue in progress:
    • Funds raised will be used to progress Mt Carrington
  • Exploration upside at Red Mountain and at Mt Carrington.
    • Sandfire funded exploration news flow from the Red Mountain joint venture arrangement
    • Mt Carrington has drill ready near mine gold/silver targets

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More details about White Rock Minerals Ltd

Official website: http://www.whiterockminerals.com.au/

ASX on Hotcooper: http://hotcopper.com.au/asx/WRM

Markets: Gold, Silver