Original-Research: West Mining Corp. - von Sphene Capital GmbH

Einstufung von Sphene Capital GmbH zu West Mining Corp.

Unternehmen: West Mining Corp.

ISIN: CA9546061099

Anlass der Studie: Aufnahme der Coverage

Empfehlung: Buy

seit: 17.11.2021

Kursziel: CAD 0,88

Kursziel auf Sicht von: 36 Monate

Letzte Ratingänderung: -

Analyst: Peter Thilo Hasler, CEFA

NI 43-101 report with significant resource estimates

Given an expected 633.7% upside from the current share price of CAD 0.12,

we are initiating research coverage of CSE traded West Mining Corp. with a

long-term (36 months) Buy rating. We believe this undervalued, below radar

company offers a highly attractive investment case and expect the stock to

re-rate on the first hint of positive drilling news at the flagship Kena

and Daylight gold projects.

On May 11, 2021, West Mining announced a resource of 2,774,000 oz Au

Inferred and of 562,000 oz Au Indicated at an economically viable cut-off

grade of 0.25 g/t gold at its flagship Kena and Daylight projects. Applying

a value of USD 60 and USD 50 per ounce indicated and inferred gold

reserves, respectively, we calculate an implied company value of CAD 215.5

million or CAD 2.20 per share. Given the junior mining character of the

business model, we apply a P/NAV multiple of 0.40x and therefore calculate

a price target of CAD 0.88 per share. As the anomaly defined by West

Mining's recent geophysical survey of the Kena Southern zone was not

included into the NI-Report, the area hosting the indicated and inferred

resource only represents a part of the Kena project, providing additional

long-term upside potential to our valuation results. Newly acquired mineral

tenures to the north, including the past producing Athabasca Mine, could

add further upside to our target price.

West Mining is a mineral exploration and development company focused on

acquiring and exploring advanced and prospective early-stage projects in

British Columbia, a top-tier jurisdiction, known to host large gold and

silver deposits. Following a risk-averse strategy, West Mining avoids

insecure and politically unstable countries and regions with low respect

for property rights and a lack of legal security, and benefits from a

viable infrastructure, which significantly lowers the economic thresholds

to convert a discovery into a mine, in our view.

West Mining controls a portfolio of several gold projects. As the company

states, its flagship Kena and Daylight projects in the prolific 'Golden

Arc' region in British Columbia, covering over 9,000 hectares, are highly

promising bulk tonnage gold projects. With more than a century of mine

production, the Golden Arc, located in the southern interior part of

British Columbia, offers some of the highest mineral concentrations in the


West Mining has a strong team of accomplished geoscientists that we feel

are poised to make new minerals discoveries and has a combined more than

100 years of experience within the board and the team of technical


Die vollständige Analyse können Sie hier downloaden:


Kontakt für Rückfragen

Peter Thilo Hasler, CEFA

+49 (89) 74443558/ +49 (152) 31764553


-übermittelt durch die EQS Group AG.-

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