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Capstone Mining, CS.to



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By Bobwins

Posted: Friday May 9 12:55:38PM 2008

Capstone is running today. CS.to +.25 to C$4.30 on 877K shares traded. No news I can find. Solid way to play base metals and copper in particular. Excellent mgmt. Bobwins

By In4anickel

Posted: Friday May 2 7:56:00AM 2008

Capstone is looking pretty good Bob Conference call explained a few things. 1 The company hedged 23 million ounces which is sold forward at an average price of $3.18. These contracts represent up to 20% of production and give enough earnings to keep the plant going and pay the bills. Each quarter this hedge is marked to market if the price is above the forward sale price they have to show an accounting loss. If it is less they have to show a gain. From everything you have posted I am pretty sure you already know this some investors including one caller were "blindsided " by this development. It does not affect the cash or dividends if the company should decide to pay some. 2 The company is debt free and is sitting on $59 million of cash. It generated the largest operating profit ($15.9 milion) in its history, ($0.20/share) before tax. Its investment in silverstone is worth $65 million. Remove the cash and Silverstone and Capstone is worth $1.87 per share. Now operating profit was $0.20 for the quarter. Grade last quarter was more than 10% lower then it will be this quarter so we can expect a bump in earnings as future grade will be the higher grade. Next year we are looking at a 37% increase in production which should give better than a 37% increase in profit all else remaining the same. The last expansion was brought in under budget and on time. On the call they said this expansion is on time and on budget as well. I am looking at pre-tax earnings for 2009 at somewhat north of $1.10 per share. They can buy shares back or they can push out stock or cash dividends This stock is unbelievably safe and cheap along with good management to boot. In4anickel

By Bobwins

Posted: Tuesday Jan 16 7:59:41AM 2007

Sorry, P&L not available on SEDAR last night when I posted eps of .15. There was a huge tax credit of 8 million out of the 12 million profits. Makes eps more like .05. Sorry. Bobwins

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