Great Bear Resources (TSX: FR.TO) (USOTC: GTBAF) reviewed 9-30-2020
Market Cap: $5.9B (USD)
Share Price: $11.73 (USD)
Shares outstanding: 52,879,958
Cash on hand: $28.5M CAD (Dec 2019) – CEO stated increase to 53M CAD in June 2020
Credit facility: Has credit access, no detail.
Long-term Debt: None noted.
Current operations: No (drilling).
Administrative Expenses: $5.6M CAD (Dec. 2019)
Insiders: 11% ownership.
Website: https://www.greatbearresources.ca/
Investor Presentation: https://www.greatbearresources.ca/investors/presentation/
Large gold system, potential Tier 1 discovery with four assets south of historic Red Lake; the primary project is Dixie.
Drilling & exploration phase.
One asset is optioned to GoldON Resources.
Rob McEwen owns shares.
High-grade assets noted at low depth; e.g. 15 g/ton at 150 m (small interval 0.70 m); near surface gold is similar to past Red Lake mine results.
Very wide variety of drill holes and results; 300 drill holes in 2020, estimated 500 to come in 2021.
Three rigs operating. Full rig strength is five.
Exploring surface at Sobel asset in August, soil testing, preparing to drill it later.
Bottom Line:
- CEO believes the company is not yet fully valued.
- Great Bear is a 5-bagger since June 2019; and strong again from March 2020 dip in markets.
- Promising properties with continuing drilling & exploration, but similar to the Seabridge situation, likely needs a JV partner for full development.
- No investment position; but I monitor it closely as I love the district and have other investments there.