Stock data
| Market cap. | £12.4m |
| Last close | 4.75p |
| High / Low (52 weeks) | 6.6p / 3.6p |
| Stock market listing | AIM |
| Forecast net debt (£m) | 8 |
| Forecast gearing ratio (%) | 134 |
| Team | Resources - Mining |
| Sector | Mining |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (5) | (5) | 8.57 |
| Relative * | (9.51) | (11.31) | 12.07 |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2009A | 0.0 | (0.4) | (0.4) | (0.3) | N/A | N/A |
| 2010A | 0.3 | (0.5) | (0.5) | (0.3) | N/A | N/A |
| 2011E | 0.0 | (0.8) | (0.8) | (0.1) | N/A | N/A |
| 2012E | 3.5 | 1.1 | (0.2) | 0.0 | N/A | 8.4 |
Last updated on 30/11/2011
Latest research
Advancing Red Rabbit
Outlook | Mining | 30/08/2011
Red Rabbit jumps on
Update | Mining | 11/04/2011
Valuation up 20%
Update | Mining | 03/08/2010
Red Rabbit JV finalised
Update | Mining | 12/07/2010
Untying the Gordian Knot
Outlook | Mining | 20/05/2010
Investment summary
November saw Ariana release a positive update on its Kepez prospect c 6.5km east-north-east of the Kiziltepe Sector, due to start production in Q412 (both part of Ariana's flagship Red Rabbit project). Highlights of the announcement include high surface Ag grades at the Karakaya vein (part of Kepez), averaging 65g/t (max 277g/t), resulting in AuE grades of 8.32g/t (max 46.84g/t), potentially leading to a doubling of Kepez’s resource. Due to these very promising results, Ariana's management is now considering earlier production from Kepez in combination with Kiziltepe production. Sampling has also identified further targets at Kepez West; initial results testing in situ rock and float material included seven samples returning >2g/t Au, with one returning 9.8g/t. The arithmetic mean for the samples was 0.4g/t Au and more works, including drilling, are planned for Kepez West in Q112.
Last updated on 09/12/2011
Industry outlook
We continue to use long-term gold and silver prices of US$1,350/oz and US$25/oz, respectively.
Last updated on 09/12/2011
Key management
| Michael Spriggs, Chairman |
| William Payne, CFO |
Company address
| Bridge House, London Bridge, London, SE1 9QR, United Kingdom +44 (0) 207 407 3616 View website |
