finnCap Research Company Notes - 10 May 2018

May 10, 2018 / Research Notes

Daily company notes from the finnCap Research team's sector experts

Sector: Mining

Avesoro Resources (ASO): Q1 financial results

Key data                              

  • Share price (p): 272.5
  • Target price (p): 320.0
  • Market cap (£m): 222.3
  • Enterprise value (£m): 300.8

Avesoro Resources has reported Q1 financial results from its gold mines in Liberia and Burkina Faso. Total gold production of 68,088 ounces at an average cash cost of US$624 per ounce is on track to be within FY 2018 guidance of 220,000 to 240,000 ounces at a cash cost of between US$620 and US$660 per ounce. All three mines are now performing well, with recent capital investment now delivering positive results. We maintain our 320p price target.

Martin Potts | mpotts@finncap.com

finnCap helps ambitious private and public companies in the mining industry to access growth capital, find out more.