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Mariana Resources “a remarkable gold eq. grade” says Northland Capital

Northland Capital partners view: Mariana Resources and its joint venture partner Lidya have defined c. 4moz Au eq. at a remarkable gold eq. grade of 10.2g/t Au eq. (based on Northland metal price assumptions). Mariana’s publication of its PEA in October will be a major milestone for the Company and will be followed up by a preliminary feasibility study in H117.

Filling of NI43-101 report on SEDAR
n  Mariana Resources has filled its NI43-101 report for the high-grade Hot Maden Gold Copper Project on SEDAR.

n  PEA due for publication October.
Year end Dec Revs (£m) Adj. EBITDA (£m) Adj. PBT (£m) Tax (%) Adj. EPS (p) PER (x) Div (p) Net cash (£m) Yield (%)
2014A  0.1 (1.4) (1.5) – (0.4) NEG – (0.6) –
 2015A  0.0 (2.0) (2.0) – (0.3) NEG –  1.1 –
 2016E  0.0 (2.2) (2.2) – (2.0) NEG –  2.4 –
 2017E† – (2.4) (2.3) – (1.9) NEG –  0.2 –

Source: Northland Capital Partners Limited. *Northland Capital Partners Limited provides commissioned research coverage to Mariana Resources and therefore this information should be viewed as a Marketing Communication. † assumes a £2m equity financing at current market price
 
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