Battle North Gold (BNAU) - All Guns Blazing & Gold in July

Matthew Gordon,
Ptolemy Capital

6 Months ago

A turn around story. Ogilvie inherited a mess, and it has taken nearly 4-years to get to this point but the latest Feasibility Study shows strong numbers despite the cautious assumptions made. Ogilvie has taken advantage of the $690M spend from its previous incarnation and they will potentially be pouring gold in July 2021. It is a single asset company, but they have a large tax loss benefit available to it for M&A. Definitely something that makes it very attractive. It also helps that they have $66M at hand and term sheets for another $50M. The Red Lake District already has a few meaningful operations. This looks like it will be joining their ranks. BNAU has delivered on a number of fronts and should be congratulated. Now they need to lay out deliver on the growth plan through what looks like a very substantial drill programme. If grades remain at current levels the exploration and development phase will move the needle.

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