Austock:
Oceana Gold (OGC) - Buy
Key points OGC production & cash cost profile
We have added OGC to the High Conviction list believing it
has been oversold.
Adverse/arguably sensationalised media coverage RE:
costs and Didipio community relations has skittled investor
confidence.
On our numbers OGC is now the cheapest gold stock
under coverage on an EV to Ore reserve basis.
We expect an Ore reserves update in February to further
enhance this position.
Our numbers are ~20% above consensus, while we only
factor in 85% of Didipio.
Next catalyst:FY result 18 February, Ore Reserve update
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