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Euro Sun Mining Inc. (ESM.TO)

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Previous Close0.3950
Open0.3950
Bid0.3950 x 0
Ask0.4050 x 0
Day's Range0.3900 - 0.4100
52 Week Range0.2750 - 0.6300
Volume303,257
Avg. Volume276,742
Market Cap67.9M
Beta (5Y Monthly)1.41
PE Ratio (TTM)N/A
EPS (TTM)-0.1090
Earnings DateMar 26, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est1.63
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    • Euro Sun Receives Approval to Initiate Strategic Environmental Assessment
      GlobeNewswire

      Euro Sun Receives Approval to Initiate Strategic Environmental Assessment

      TORONTO, May 10, 2021 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that the company has been officially notified by the Environmental Protection Agency of Hunedoara County (“EPA”) that following a meeting of the Special Committee set up at Hunedoara County level, on 27.04.2021 (as provided for in Article 10(2), of H.G. No 1076/2004); the required eighteen-day public comment period on the initiation of the Strategic Environmental Assessment (“SEA”) has passed; no comments were received; and the SEA is approved to move forward. The Company published the notification in the public press on May 10th, 2021. The Company and the EPA are now working towards receiving the agreements and opinions from all the administrative authorities required for approval of the Planul Urbanistic Zonal (“PUZ”) or Certificate of Urbanism for Land forming part of the SEA process. The Company and the EPA are also preparing for public consultations which are expected to occur in Q3 2021. Scott Moore, Euro Sun’s CEO states, “All aspects of ESG principles are key to success of the Rovina Valley Project. This approval is an important milestone in the SEA process. We believe that our frequent public communications and presence in the local community has played an important role. Environmental stewardship is a key factor to the success of Rovina Valley Project with a life of mine design from extraction to rehabilitation with minimal impact utilizing the highest global standards for mining processing, tailings management with DRY-Stacking and utilizing Zero Cyanide. We are pleased the EPA is continuing to advance the project in line with Romanian legislation and we look forward to a collaborative effort on the successful outcome of the SEA process.” Scott Moore continued to highlight, “The Rovina Valley project economics are highly levered to the rise in metal prices for both Copper and Gold. The Definitive Feasibility Study utilized a conservative base case metal prices of $3.30 a pound for copper and $1,550 per ounce for gold. Spot copper prices have risen 40% to over $4.70 a pound and gold is up 18% to over $1,830 an ounce. The result of this rise in copper and gold prices increases the Net Present Value5 of the project approximately 125% from US$447 million to US$1.0 Billion further demonstrating the opportunity for investors to participate in the de-risking of Euro Sun as we continue to achieve permitting success.” About Euro Sun Mining Inc. Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe. For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at info@eurosunmining.com , or Brad Humphrey, VP Corporate Development at bhumphrey@eurosunmining.com Caution regarding forward-looking information:This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding the Company’s estimates, expectations, forecasts and guidance for production, all-in sustaining cost, capital expenditures, cost savings, project economics (including net present value) and other information contained in the feasibility study; as well as references to other possible events, the future price of gold and copper, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of the project and mining and processing activities, requirements for additional capital, government regulation of mining operations, and environmental risks. Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. This forward-looking information may be affected by risks and uncertainties in the combined business of the Company and market conditions, including (1) there being no significant disruptions affecting the Company’s operations whether due to extreme weather events and other or related natural disasters, labor disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production for the Rovina Valley Project being consistent with the Company’s expectations; (3) political and legal developments Romania being consistent with current expectations; (4) certain price assumptions for gold and copper; (5) prices for diesel, electricity and other key supplies being approximately consistent with current levels; (6) the accuracy of the Company’s mineral reserve and mineral resource estimates; and (7) labor and materials costs increasing on a basis consistent with the Company’s current expectations. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual information form, financial statements and related MD&A for the financial year ended December 31, 2020 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. The Company may have included certain non-GAAP financial measures in this press release, such as all-in sustaining costs (“AISC”) per ounce of gold sold, net present value (“NPV”). These non-GAAP financial measures do not have any standardised meaning. Accordingly, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards (“IFRS”). AISC is a common financial performance measure in the mining industry but has no standard definition under IFRS. AISC includes operating cash costs, net-smelter royalty, corporate costs, sustaining capital expenditure, sustaining exploration expenditure and capitalised stripping costs. Other companies may calculate these measures differently and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The TSX does not accept responsibility for the adequacy or accuracy of this news release.

    • Euro Sun Files Definitive Feasibility Study Technical Report for the Rovina Valley Gold-Copper Project
      GlobeNewswire

      Euro Sun Files Definitive Feasibility Study Technical Report for the Rovina Valley Gold-Copper Project

      TORONTO, April 14, 2021 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce it has filed the National Instrument 43-101 compliant technical report supporting the Definitive Feasibility Study (“DFS”) on the Colnic and Rovina open pits - the initial phase of development of its Rovina Valley Gold and Copper Project (the “Rovina Valley Project”) in Romania (the “Technical Report”). Included in the Technical Report is an updated mineral resource estimate and the maiden mineral reserve statement for the open pit deposits, namely Colnic and Rovina, incorporating feasibility level operating parameters and metal price update for the resources. All amounts are in US dollars unless otherwise indicated. The Technical Report titled NI 43-101 TECHNICAL REPORT ON THE ROVINA VALLEY PROJECT IN ROMANIA dated April 14, 2021 was prepared by Nicholas Dempers, Principal Process Engineer, New SENET Pty; David Thompson, Principal Mining Engineer DRA Projects (PTY) Ltd; Sivanesan Subramani, B.Sc. Geo, Caracle Creek International Consulting MINRES; Robert Cross, P.Eng., P.Geo. Geological Engineer Klohn Crippen Berger (KCB) (Canada); Carlos Diaz, MASc, B.Eng., KCB Canada; Andrew Hovey, BSc Earth Sciences, RPGEO, KCB, Brisbane; Richard Lawrence B.Sc, Phd, Lawrence Consulting Ltd; Kevin Leahy, BSc (Hons), PhD, CGeol, SiLC Technical Director, Environmental Resource Management Ltd. The Rovina Valley Project consists of two open pit gold-copper deposits, Colnic and Rovina, and the underground Ciresata gold-copper deposit. The DFS is focused on the exploitation of the two open pit operations. The Ciresata underground deposit is expected to be phased in following the completion of the Colnic and Rovina pits. HIGHLIGHTS Average annual gold equivalent production of 146,000 ounces in year 1-10, consisting of 106,000 ounces of gold and 19 million pounds of copper per annumAverage AISC of $790/gold equivalent ounces in years 1-10Initial capex is expected to be $399 million (including $12.7 million in pre-strip)Pre-Tax NPV5% of $447 million with an IRR of 21.3% and Post-Tax NPV5% of $359 million with an IRR of 19.2% at $1,550/oz gold and $3.30/lb copperProcessing 21,000 tonnes per day incorporating simple flotation and dry stack tailings Phase 1 production of over 1.3 million ounces of gold and 400 million lbs of copper (185k tonnes) over 16.8 years Scott Moore, Euro Sun’s CEO states, “With the filing of the NI 43-101 compliant study, Euro Sun can now begin detailed project finance discussions with international banks and credit funds as well as off-take agreements with smelters to optimize the funding package for our initial phase of development at the Rovina Valley Project. We have initiated our Strategic Environmental Assessment this month and look forward to providing ongoing updates on the advancement in permitting relating to all associated approvals required to begin construction.” Table 1: Definitive Feasibility Highlights DFS Phase 1 HighlightsLife of MineFirst 10 YearsGold price$1550/ozCopper price$3.30/lbProcessing Rate21,000 tonnes per dayMine Life16.8 Years Average annual gold equivalent production132,000 ounces146,000 ouncesAverage annual gold production81,000 ounces106,000 ouncesAverage annual copper production24.3 million pounds19 million poundsAll-in sustaining costs$813/oz Au eq$790/oz Au eq Pre-strip Capital$12.7 million Initial Capital$386.6 million Total Initial Capital$399.2 million Sustaining Capital$47.7 million Pre-Tax NPV (5% discount rate)$447 million Pre-Tax IRR21.3% Post-Tax NPV (5% discount rate)$359.3 million Post-Tax IRR19.2% The Technical Report can be found on the Company’s website at www.eurosunmining.com and under the Company’s profile on SEDAR at www.sedar.com. In connection with the filing of the Technical Report, the Company has also filed an amended and restated annual information form dated April 14, 2021, which now references the Technical Report and updates certain non-material information found under the heading “Mineral Projects – Environmental” and includes an updated risk factor under the heading “Environmental and other Regulatory Requirements”. Qualified Persons Mr. Nicholas Dempers, Principal Mining Engineer, New Senet Pty who is an independent Qualified Person as defined under NI 43-101, has reviewed and approved the technical information pertaining to the Technical Report disclosed in this press release. The mineral resource update referred to in this press release have been reviewed and approved by Mr. Sivanesan (Desmond) Subramani (Pri. Sci. Nat - 400184/06), Principal for Mineral Resources at Caracle Creek International Consultants, who is an independent Qualified Person as defined by National Instrument 43-101. Mr. S Subramani was responsible for the mineral resource estimate of the Feasibility Study. Mr. Randy Ruff, P. Geo, an employee of Euro Sun and a qualified person as defined Mr. Randy Ruff, P.Geo, an employee of Euro Sun and a qualified person as defined by NI 43-101 has also reviewed and approved the technical contents of this press release. About Euro Sun Mining Inc. Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe. For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at info@eurosunmining.com Caution regarding forward-looking information:This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding the Company’s estimates, expectations, forecasts and guidance for production, all-in sustaining cost, capital expenditures, cost savings, project economics (including net present value and initial rate of return) and other information contained in the feasibility study; as well as references to other possible events, the future price of gold and copper, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of the project and mining and processing activities, requirements for additional capital, government regulation of mining operations, environmental risks , expected plans for the Ciresata underground deposit, and expected plans for seeking funding for the Rovina Valley Project. Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. This forward-looking information may be affected by risks and uncertainties in the combined business of the Company and market conditions, including but not limited to: (1) there being no significant disruptions affecting the Company’s operations whether due to extreme weather events and other or related natural disasters, economic disasters, labor disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production for the Rovina Valley Project being consistent with the Company’s expectations; (3) political and legal developments Romania being consistent with current expectations; (4) certain price assumptions for gold and copper; (5) prices for diesel, electricity and other key supplies being approximately consistent with current levels; (6) the accuracy of the Company’s mineral reserve and mineral resource estimates; (7) labor and materials costs increasing on a basis consistent with the Company’s current expectations; and (8) the availability of funding for the Rovina Valley Project being consistent with the current expectations. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual information form, financial statements and related MD&A for the financial year ended December 31, 2020 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. The Company has included certain non-GAAP financial measures in this press release, such as all-in sustaining costs (“AISC”) per ounce of gold sold, net present value (“NPV”). These non-GAAP financial measures do not have any standardised meaning. Accordingly, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards (“IFRS”). AISC is a common financial performance measure in the mining industry but has no standard definition under IFRS. AISC includes operating cash costs, net-smelter royalty, corporate costs, sustaining capital expenditure, sustaining exploration expenditure and capitalised stripping costs. Other companies may calculate these measures differently and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The TSX does not accept responsibility for the adequacy or accuracy of this news release.

    • Euro Sun Initiates Strategic Environmental Assessment Process for Rovina Valley Project
      GlobeNewswire

      Euro Sun Initiates Strategic Environmental Assessment Process for Rovina Valley Project

      TORONTO, April 05, 2021 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce it has filed a request to initiate the Strategic Environmental Assessment (“SEA”) for the Rovina Valley Project with the Environmental Protection Agency in Hunedoara County, Romania. The notice of filing was published in the MESAGERUL HUNEDOREAN as required under the legislation and will also be published again on April 8th, 2021. The contents of the public announcement made by Euro Sun’s 100% owned subsidiary in Romania are translated below: S.C. SAMAX România S.R.L. with headquarters in Crișcior, 146 Calea Zarandului, postal code 337200, Hunedoara county, announces the completion of the first version of PUZ – Industrial Zone for the investments; Development of the Rovina mining project within the exploitation license area; and triggering of the screening phase for obtaining the environmental license. The first version of the plan can be consulted at the Hunedoara EPA headquarters, in Deva City, 25 Aurel Vlaicu street, post code 330007, Hunedoara county, every day from Monday to Thursday from 8:00 H. to 16.30 H. and on Friday from 8:00 H to 14:30 H, as well as on Hunedoara EPA’s website: http://apmhd.anpm.ro/web/apm-hunedoara/acasa. The comments and suggestions shall be sent in writing to Hunedoara EPA’s headquarters, within 18 calendar days since this announcement appeared. Scott Moore, Euro Sun’s CEO states, “We are pleased to initiate the SEA process with the Hunedoara County environmental protection agency. Our definitive feasibility study has outlined a generational asset that brings both the highest environmental stewardship with significant economic benefits directly to our local communities and to the County of Hunedoara as a whole. We look forward to building a stronger relationship with all of the authorities through this phase of the permit process.” The SEA process builds on the Environmental Impact Assessment (“EIA”) approved under the Exploitation License issued by the Romanian Government on November 9th, 2018 augmented by seventeen new or updated environmental studies on the project as required by Romanian or European regulations. These studies include such items as Air Quality, Noise, Traffic and various flora and fauna baseline studies. The SEA process will also involve obtaining the opinions or approvals of fourteen administrative bodies. Representative agencies include the Army General Headquarters, Hunedoara County Police Inspectorate, Banat Electrical Supply Company, local and county roads administrators amongst others. Public consultations are required under the SEA process and we intend to hold such as directed by the EPA of Hunedoara county in a timely manner but expected to occur in Q3. About Euro Sun Mining Inc. Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe. For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at info@eurosunmining.com Caution regarding forward-looking information:This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding the Company’s estimates, expectations, forecasts and guidance for production, all-in sustaining cost, capital expenditures, cost savings, project economics (including net present value) and other information contained in the feasibility study; as well as references to other possible events, the future price of gold and copper, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of the project and mining and processing activities, requirements for additional capital, government regulation of mining operations, and environmental risks. Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. This forward-looking information may be affected by risks and uncertainties in the combined business of the Company and market conditions, including (1) there being no significant disruptions affecting the Company’s operations whether due to extreme weather events and other or related natural disasters, labor disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production for the Rovina Valley Project being consistent with the Company’s expectations; (3) political and legal developments Romania being consistent with current expectations; (4) certain price assumptions for gold and copper; (5) prices for diesel, electricity and other key supplies being approximately consistent with current levels; (6) the accuracy of the Company’s mineral reserve and mineral resource estimates; and (7) labor and materials costs increasing on a basis consistent with the Company’s current expectations. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual information form, financial statements and related MD&A for the financial year ended December 31, 2020 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. The TSX does not accept responsibility for the adequacy or accuracy of this news release.