Nevada Copper: Haywood Drops Target To $0.20 After Yet Another Management Changeup

On August 13, Nevada Copper Corp. (TSX: NCU) announced their second quarter financial results. The company did not provide any financial information in the news release but noted that they mined 9,500 tons of 1.5% copper and that they are going ahead with the installation and commissioning of underground fans. The company ended up losing $14.1 million this quarter, which is several times larger than their second quarter 2020 $2.5 million losses.

The company has 4 analysts covering the name, with 1 analyst having a buy rating and the other 3 having hold ratings. The consensus sits at $0.27, a 135% upside. The street high target currently sits at $0.50 while the lowest comes in at $0.15.

Haywood lowered their 12-month price target on Nevada Copper to C$0.20 from $0.30 and reiterated their hold rating as the company announced more delays and another CEO resignation. Mike Ciricillo is the fourth CEO to leave since May 8th, 2020. Mike is staying on as an interim CEO and President.

Haywood says that the 9,500 tonnes mined, which was coneducted at 1.5% copper, represented slow progress at the mine. They add that the ramp-up is progressing slower than anticipated due to the COVID-19 headwind and a water-bearing dyke that requires additional support.

They add that the 2 new fans installed, resolution of the main shaft commissioning items, ongoing installation of incremental underground power, and ventilation upgrades should help improve the company mining and development rates in the second half of the year.

In connection with the delays, the firm lowered its production and financial estimates for Nevada Copper. Haywood now anticipated production of 23 million pounds of copper in 2021, which is then to more than double to 50 million pounds in 2022. Estimates are down from the prior 29 million and 65 million pounds estimated for the time periods, respectively.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

SSR Mining Q1 Earnings: Costs Continue To Climb

Recommended

First Majestic Makes Second Major Discovery At Santa Elena In Just A Year

PTX Metals Hits 235.1 Metres Of Copper, Nickel Mineralization In Longest Intercept To Date At W2

Related News

Consensus Estimates For Amazon’s First Quarter Of 2021

Amazon.com Inc (NASDAQ: AMZN) will be reporting its first quarter financial results on April 29th...

Wednesday, April 28, 2021, 04:05:00 PM

PayPal: Analysts Call For Earnings Per Share Of $0.86 For Q2 2022

PayPal Holdings (NASDAQ: PYPL) will be reporting its second quarter financial results today after market...

Tuesday, August 2, 2022, 02:23:00 PM

BMO Launches Coverage On Beyond Meat With $68 Price Target

Beyond Meat (NASDAQ: BYND) gained its 21st analyst coverage at the beginning of February. BMO...

Saturday, February 5, 2022, 01:11:00 PM

Medmen: Canaccord Reiterates $0 Price Target, Sell Rating

On December 7th, Medmen Enterprises’ (CSE: MMEN) reported first-quarter fiscal 2021 financial results. Medmen reported...

Wednesday, December 9, 2020, 10:50:51 AM

Cresco Labs: Cantor Lowers Price Target To $12.65

On September 3, Cresco Labs (CSE: CL) announced that they closed their acquisition of Cultivate,...

Thursday, September 16, 2021, 03:37:00 PM