Signed up to the email alerts from the CJO website and just got sent a copy of the latest Stifel Nicolaus report which has a revised target price of 25 cents down from 30 cents due to the higher CAPEX costs. But offsetting that they'll now be extracting more minerals which is why the FCF is roughly unchanged.
From the Report:
CDG Feasibility Out: With rampant mining inflation, the addition of HPGRs, and a $13mm SART plant (planned to recover some copper), capex increased to $155mm from pre-feasibility levels of $106mm, and our $143mm estimate. Production is expected to average 68koz Au and 1.1mmoz Ag pa, as well as 2.4mmlb Cu at $10.89/t versus the previous March 2011 PFS 64koz Au, 760koz Ag, no Cu at $8.17/t).
So have to hope they can sort out the funding swiftly so mine construction can commence.
CJO Price at posting:
9.7¢ Sentiment: LT Buy Disclosure: Held