Here is a little info on NTO from Mondays earnings release. Notice they did their secondary in Feb. in the midst of the NR excitement before the current price decline. NTO does not qualify as a "value stock" but IMHO there is some value currently in a stock price under $2.20
Northern Orion Reports First Quarter Results
Monday May 16, 9:02 am ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--May 16, 2005--Northern Orion Resources Inc. (TSX:NNO - News; AMEX:NTO - News) recorded net earnings of $8,938,000 or $0.07 per share for the three months ended March 31, 2005 ("Q1 2005") compared to net earnings of $9,134,000 or $0.09 per share for the same period in 2004 ("Q1 2004"). Highlights for the quarter include (all figures are stated in U.S. dollars):
- The Company's share of operating cash flow before interest, depletion, depreciation, amortization and tax ("EBITDA") at Alumbrera was $13,825,000 ($0.11 per share) for the quarter, compared to $17,674,000 ($0.17 per share) for the first quarter of 2004.
- Equity in earnings from Alumbrera was $8,256,000 ($0.06 per share) in Q1 2005, compared to $10,057,000 ($0.09 per share) for Q1 2004.
- Average realized copper price was $1.62 per pound and average realized gold price was $417 per ounce in Q1 2005. The Company's share of Alumbrera sales during the quarter was 10,000,300 pounds of copper and 16,741 ounces of gold. For the comparative period in 2004, the average realized prices for copper and gold were $1.33 per pound and $417 per ounce respectively, and the Company's share of Alumbrera sales was 13,429,100 pounds of copper and 21,300 ounces of gold.
- Cash costs (net of gold by-products) were negative $0.04 per pound of copper in Q1 2005, compared to negative $0.11 per pound in Q1 2004.
- The Company received cash distributions from Alumbrera of $9,059,000 during the quarter.
- At March 31, 2005, the Company had a cash position (including temporary investments) of $143,127,000.
- In February 2005, the Company raised gross proceeds of Cdn.$125,012,500 (U.S.$101,637,000) from a short-form prospectus offering of units. The proceeds of this financing are intended to be for development of the Agua Rica project.
"We are extremely pleased with our results from the first quarter and continue to focus our activities on the rapid development of Agua Rica into one of the world's lowest cost producers of copper, net of gold and moly," said David Cohen, President and CEO of Northern Orion. "Our recent equity issue of approximately $101.6 million is a major springboard in the financing of the Agua Rica project, which together with our Alumbrera income, provides the final required equity for its development. Financing discussions with bankers and smelter groups are progressing well, and we expect to announce the hiring of an experienced Agua Rica project development executive and the scoping study on Agua Rica within the next three weeks." |
