Information Report Update March 29, 2010 3
(All figures in CAD$ unless otherwise stated)
Current Price $2.32
Fair Value $3.10
Company Statistics:
52-week Range $1.00-$2.84
Shares O/S Basic (mm) 140.3
Fully Diluted Shares (mm) 153.5
Market Cap $325.5
Cash at 1/1/2011 (mm) $6.4
LT Debt at 1/1/2011 (mm) $10.1
Average Daily Volume 566,000
Fiscal Year End Dec. 31
Website www.clauderesources.com
Earnings Summary:
Year End 2009A 2010A 2011E
Production (000’s oz) 46.8 47.3 56.0
Cash Costs ($/oz) 699 713 700
Revenue (mm) 48.5 56.0 78.4
Reported EPS (0.06) 0.04 0.10
Adjusted EPS (0.07) 0.03 0.10
CFPS 0.14 0.14 0.21
P/E 77.3x 23.2x
P/CF 16.6x 11.0x
Share Price Performance:
Source: www.BigCharts.com
Company Profile: Claude Resources Inc. is a junior
gold producer focused on expanding gold production in
Canada. The Company’s principal operation, the Seabee
gold project in northeastern Saskatchewan, produced
47,270 ounces of gold in 2010.
Analysts
Shash Patel, B.Sc., MBA
Bob Weir, B.Sc., B.Comm, CFA
CLAUDE RESOURCES INC.
(TSX: CRJ and AMEX: CGR)
EVENT: FINANCIAL RESULTS
Claude Resources Inc. (“Claude” or the “Company”) reported
financial and operational results for the year ending December 31,
2010.
RESULTS
The Company achieved net earnings of $5.8 million (or $0.04 per
share) compared to a net loss of $6.3 million (or $0.06 per share) in
2009. The earnings included a gain of $1.1 million arising from the
sale of some of its oil and natural gas assets. Adjusted earnings were
$3.4 million (or $0.03 per share).
Gold revenues from the Company’s 100%-owned Seabee gold
operation increased 15% to $56.0 million in 2010 from $48.5 million
in the previous year. The increase was the result of a 14%
improvement in Canadian dollar gold prices realized. Exhibits 1-4
present Claude’s operating data for the years 2005 to 2010.
FORECASTS
Claude’s guidance for gold production is 54,000-58,000 ounces of
gold for 2011 at similar costs to 2010. Based on Company forecasts
and our assumptions for metal prices and cash costs, we estimate EPS
of $0.10 and $0.20 for 2011 and 2012, respectively.
VALUATION
Our fair value of $3.10 for Claude is an average of cash flow
multiples and NAV multiples. In 2011, we expect Claude to generate
cash flow of $0.21 per share, to which we applied a 12x multiple.
Our NAV5% for Claude is $2.57 per share, to which we applied a 1.4x
multiple. Our NAV combines our modeled discount cash flow for
Seabee and an in-situ methodology that values Claude’s interest in
Madsen and Amisk.
Claude Resources Inc. Information Report Update
eResearch Corporation