Interview with Nordic Gold President & CEO Michael Hepworth

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I visit with Michael Hepworth, who is President and CEO of Nordic Gold. Nordic Gold owns a gold mine in Finland, a safe jurisdiction for gold miners.

Agnico Eagle owns one of the largest gold projects in Europe about 500km north of Nordic’s mine, so this is a very productive and established region for gold mining.

Michael and I discuss the economic analysis and feasibility of his project, including expecting to achieve full commercial production in Q1 of 2019.

The mine was fully built by the last operator, and so costs were low to get the project up and running. In addition, Nordic has $150million in tax loss carry-forwards from the previous operator which should shield most of the cash flows from the current project over the expected 6 year mine life.

The upside of the project is that about half of the owned property has not been fully explored. Nordic has done some preliminary geological study analysis, and has found the rest of the land package holds similar characteristics to the current mine. Therefore, Michael is excited about the potential for finding more gold onsite.

The market cap of the company is below the net present value of the project, so it is undervalued. The stock price should increase more when the project reaches full commercial production.

Also the gold price is in a rising uptrend which offers further upside potential for the share price for investors.

The previous company did not properly handle some aspects of the project which is why they are no longer mining, but those problems have been resolved by Nordic who now has a positive relationship with the local regulatory bodies and the town which supports the mine project.

 

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