In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on Western Copper Corp (NYSE: WRN), with a price target of $2.25. The company’s shares closed yesterday at $0.71, close to its 52-week low of $0.65.
Ihle noted:
“We continue to view Casino as a world class mining project. Reserves at Casino include 4.5 billion pounds of copper and 8.9 million ounces of gold. The project is currently expected to have a 22-year mine life amid average annual copper production of 78,000 tonnes with an additional 266,000 ounces of gold based on reserves. We note that this included average annual production of 110,000 tonnes of copper and 399,000 ounces of gold in its first four years of operation. We continue to believe that Casino has the potential to operate for over 50 years, primarily due to the fact that the project has another 9.0 million ounces of gold and 5.4 billion pounds of copper resources within the Inferred category. We note that the deposit remains open at depth and to the west.”
According to TipRanks.com, Ihle is ranked 0 out of 5 stars with an average return of -2.6% and a 29.7% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.
Western Copper Corp has an analyst consensus of Moderate Buy, with a price target consensus of $2.25.
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Based on Western Copper Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $745.7K. In comparison, last year the company had a GAAP net loss of $514.5K.
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Western Copper & Gold Corp. is an exploration stage company. It focuses on its Casino mineral property towards production. The company was founded on March 18, 2006 and is headquartered in Vancouver, Canada.
