This miner is up 36 per cent thus far in 2023
On today’s TSX Breakouts report, there are 37 stocks on the positive breakouts list , of which nearly half of the names are gold stocks, and 50 securities are on the negative breakouts list .SKE-TYear-to-date, the share price is up 36 per cent, making it the 22nd best performing stock out of 255 stocks in the S&P/TSX SmallCap Index. Analysts anticipate the positive price momentum will continue.
Based on a 2022 feasibility study for Eskay Creek, management’s base case scenario calls for average after-tax annual free cash flow of $293-million with a gold price assumption of US$1,700 an ounce and silver price of U.S$19 an ounce suggesting an after-tax payback of one year and an after-tax internal rate of return of 50 per cent. All-in sustaining costs are low at US$652 an ounce.
The chief executive officer Randy Reichert was formerly at B2Gold Inc. , where he held the position as vice-president of operations and joined Skeena in April 2022. The 2022 feasibility study indicated average annual gold production of 431,000 ounces over the first five years. Over the life of the mine, gold production is expected to total 3.2 million ounces along with silver production of 66.7 million ounces.The company does not pay its shareholders a dividend.This small-cap stock with a market capitalization of $765-million is well covered by the Street. The stock has a unanimous buy recommendation from 10 analysts.
On March 27, executive chairman Walter Coles sold 10,000 shares at a price per share of $7.534 with 795,425 shares remaining in this particular account. Proceeds from this sale totaled over $75,000, excluding commission charges.
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