|Globe says Nevada Copper maintained at "sector perform" ( not a good report )|
2021-12-01 07:48 ET - In the News
Shares issued 347,776,729
NCU Close 2021-12-01 C$ 0.60
The Globe and Mail reports in its Wednesday, Dec. 1, edition that Scotia Capital's Orest Wowkodaw continues to rate Nevada Copper "sector perform." The Globe's David Leeder writes that Mr. Wowkodaw cut his share target to 85 cents from $1.25. Mr. Wowkodaw says in a note: "We have updated our estimates to reflect (1) Nevada Copper's recently completed $201-million equity financing and(2) further delayed ramp-up expectations at the 5,000tpd underground Cu project at Pumpkin Hollow. Although near-term liquidity concerns have abated, we have materially reduced our NAVPS valuation. Overall, we view the update as mixed for the shares. Despite an attractive valuation, we rate Nevada Copper shares 'sector perform' based on heightened operating and balance sheet risks." The Globe reported on Oct. 14, 2020, that Mr. Wowkodaw had downgraded Nevada Copper to "sector perform" from "sector outperform." The shares could then be had for 12 cents. The shares climbed to a 52-week high of $3.15 in May, 2021. The Globe reported on Oct. 13, 2021, that Mr. Wowkodaw said the risk-reward proposition for mining equities was "extremely attractive." He rated Nevada Copper "sector perform." The shares were then worth 99 cents.