Original-Research: West Mining Corp. - von Sphene Capital GmbH

Einstufung von Sphene Capital GmbH zu West Mining Corp.

Unternehmen: West Mining Corp.
ISIN: CA9546061099

Anlass der Studie: Aufnahme der Coverage
Empfehlung: Buy
seit: 17.11.2021
Kursziel: CAD 0,88
Kursziel auf Sicht von: 36 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler, CEFA

NI 43-101 report with significant resource estimates

Given an expected 633.7% upside from the current share price of CAD 0.12,
we are initiating research coverage of CSE traded West Mining Corp. with a
long-term (36 months) Buy rating. We believe this undervalued, below radar
company offers a highly attractive investment case and expect the stock to
re-rate on the first hint of positive drilling news at the flagship Kena
and Daylight gold projects.

On May 11, 2021, West Mining announced a resource of 2,774,000 oz Au
Inferred and of 562,000 oz Au Indicated at an economically viable cut-off
grade of 0.25 g/t gold at its flagship Kena and Daylight projects. Applying
a value of USD 60 and USD 50 per ounce indicated and inferred gold
reserves, respectively, we calculate an implied company value of CAD 215.5
million or CAD 2.20 per share. Given the junior mining character of the
business model, we apply a P/NAV multiple of 0.40x and therefore calculate
a price target of CAD 0.88 per share. As the anomaly defined by West
Mining's recent geophysical survey of the Kena Southern zone was not
included into the NI-Report, the area hosting the indicated and inferred
resource only represents a part of the Kena project, providing additional
long-term upside potential to our valuation results. Newly acquired mineral
tenures to the north, including the past producing Athabasca Mine, could
add further upside to our target price.

West Mining is a mineral exploration and development company focused on
acquiring and exploring advanced and prospective early-stage projects in
British Columbia, a top-tier jurisdiction, known to host large gold and
silver deposits. Following a risk-averse strategy, West Mining avoids
insecure and politically unstable countries and regions with low respect
for property rights and a lack of legal security, and benefits from a
viable infrastructure, which significantly lowers the economic thresholds
to convert a discovery into a mine, in our view.

West Mining controls a portfolio of several gold projects. As the company
states, its flagship Kena and Daylight projects in the prolific 'Golden
Arc' region in British Columbia, covering over 9,000 hectares, are highly
promising bulk tonnage gold projects. With more than a century of mine
production, the Golden Arc, located in the southern interior part of
British Columbia, offers some of the highest mineral concentrations in the

West Mining has a strong team of accomplished geoscientists that we feel
are poised to make new minerals discoveries and has a combined more than
100 years of experience within the board and the team of technical

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
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The goal is to become the quality and cost leader in the field of CBD in Europe. To this end, a GMP pharma compliant plant is being built in Switzerland. The supercritical CO2 extraction process is to be used to achieve the highest standard of quality. The CBD market is growing strongly and with the focus on quality leadership and pure extraction, IGEA Pharma's new business model should be able to occupy an attractive niche market. With the proprietary supercritical CO2-extraction technology, other markets such as vanilla, rose or rosemary can be developed in the medium term. Based on our DCF model, we have determined a fair value of € 1.05 (CHF 1.13) per share and assign a BUY rating.

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