Original-Research

Rover Metals Corp. (von Sphene Capital GmbH): Buy

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Original-Research: Rover Metals Corp. - von Sphene Capital GmbH

Einstufung von Sphene Capital GmbH zu Rover Metals Corp.

Unternehmen: Rover Metals Corp.
ISIN: CA77937B2003

Anlass der Studie: Update Report
Empfehlung: Buy
seit: 14.12.2023
Kursziel: CAD 0,62 (bisher: CAD 0,75)
Kursziel auf Sicht von: 36 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler

Cabin Lake offered for sale - Focus on Lithium assets
 
With a strict focus on the Let's Go Lithium project in Nevada and the IML project in the Northwest Territories, Rover Metals has announced that it intends to offer its 100% owned Cabin Lake gold project for sale. Located 110 km northwest of Yellowknife at the northern end of Russell Lake, Cabin Gold reportedly hosts high-grade gold in iron formation in Archean metasedimentary rocks. After acquiring the project in 2018, Rover Metals confirmed and expanded the historical gold resource, including by completing an airborne magnetic geophysical survey on the Bugow iron formation. A phase 1 diamond drilling exploration program at the historical Arrow Zone resulted in the discovery and definition of a high-grade (31.9 meters averaging 13.66 g/t Au) gold ore vein at the Cabin Arrow Zone that extends 140 meters at surface and is open at depth.

According to the company, the property is being offered under a staged-ownership purchase option, that includes an up-front cash payment and ongoing royalty payments. The transaction is intended to bring-in needed working capital for 2024e, among others for further permitting work at the LGL project (Rover Metals' main asset) and further exploration and identification of pegmatites at the IML project.

The sale will be preceded by the publication of the NI 43-101 Technical Report for the Cabin Lake project, which is scheduled for Q1/2024e. This will reportedly include multiple high-grade gold drill intercepts with drill results of up to 13.66 g/t Au that were published in 2020.
After the recent decline in LCE prices, we have adjusted our valuation model and now calculate a probability weighted net asset value based and fully diluted price target of CAD 0.62 per share. Our price target is based solely on the speculative lithium resources of the LGL project, other assets were not included in our valuation, representing a potential bonus to our NAV calculation. We maintain our Buy rating for the shares of Rover Metals.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28545.pdf

Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
[phone]/ [phone]
[e-mail]

übermittelt durch die EQS Group AG.

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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wird zum Zeitpunkt der Veröffentlichung der Nachricht mit einem Minus von -18,92 % und einem Kurs von 0,015 auf Frankfurt (14. Dezember 2023, 08:15 Uhr) gehandelt.

Rating: Buy
Analyst: Sphene Capital
Kursziel: 0,62 Euro