RTG Mining Inc. (RTG:TSX) closed at its 52-week low yesterday. Despite one of the top management teams and track records in the industry its share price has trended lower for years like the majority of junior resource stocks.
While RTG Mining is rarely talked about and extremely illiquid considering its shares outstanding, its management has a history of monumental success that will not go unnoticed forever.
It really begins and ends with one man: Michael Carrick, RTG Mining’s Chairman.
The former President and CEO of CGA Mining (CGA:TSX), was bought by B2Gold (BTG:TSX) in a deal worth approximately $1.1 billion in late 2012.
The initial shell was worth approximately $2.5 million, according to RTG Mining.
Somehow, an almost more impressive fact is that, Carrick has been responsible for the development of seven major gold mines in five countries.
Seven gold mines in five countries; even the best of the best in the gold mining business would be hard pressed to put up that kind of record.
We go in depth into Carrick’s history of success in our latest EBook on 50 leaders who took start-ups to stunning multimillion dollar buyouts.
The companies these leaders run today are also revealed in this one of kind rolodex of some of the top entrepreneurs and business minds in their respective fields.
Carrick and RTG Mining’s Project Development Track Record
Currently, RTG Mining is a gold and copper exploration company, focused on the development of its high-grade Mabilo Project in the Philippines.
You’ll notice the bottom gold project on the above list is the 200,000 oz / per annum Masbate Gold Mine, located in the Philippines. The company notes in its presentation that the mine was delivered on time and on budget.
RTG Mining focused on Mabilo Development after success at Masbate Gold Mine
Critical to the entire story, is that RTG was responsible for the development of the Masbate Gold Mine in the Philippines through CGA Mining Limited (acquired by B2Gold in 2012 for $1.1 billion).
Additionally, as mentioned above, B2Gold remains a major shareholder in the Company, owning approximately 9.5% of the outstanding shares.
RTG Mining Inc. is listed on the Toronto Stock Exchange and Australian Securities Exchange Limited.
RTG is focused on developing the high grade copper/gold/magnetite Mabilo Project and advancing exploration on the highly prospective Bunawan Project, both in the Philippines, while also identifying major new projects which will allow the company to move quickly and safely to production.
According to the company’s updated presentation, dated February 2015, it had cash & cash equivalents of A$20.5 million.
This represents slightly less than 1/3 of the company’s approximate market cap of $66.9 million Thursday morning.
According to insidertracking.com, the most recent acquisition in the open market took place on February 10th when David Cruse purchased 100,000 shares at a price of $0.69 per share.
RTG Mining’s Mabilo Project
RTG Mining acquired control of Sierra Mining Limited in June 2014. At the time of the acquisition, the Mabilo Project was an exploration interest with only 60 holes drilled.
The company explains that, “Within 9 months of taking control of Sierra the project is now a planned near term development opportunity with a number of unique and attractive attributes that differentiate the project from most new development opportunities.”
RTG Mining highlighted some of these opportunities in its March 26th press release. Below is a short excerpt.
- High grade open cut development opportunity with an indicated resource of 249t of copper equivalent* at an average grade of 4.3%* and inferred resource of 175t of copper equivalent* at an average grade of 3.3%*;
- Near term development opportunity as Stage 1 of the project involves a direct shipping project for the oxide resource, with startup only subject to final permitting;
- Stage 1 only involves nominal capital requirements which allows for near term start up and internal generation of cashflows to fund the majority of proposed plant development capital for Stage 2;
Click here to read more.
The Mabilo Project boasts significant Exploration Upside, according to the company.
The company explained in its March 26th press release that exploration activity at the project is ongoing with the current resource open down dip, down plunge and along strike. And that, “Recent results have also identified a new shallow high grade garnet skarn mineralized zone with MDH-095 intercepting 25.8m at 2.32% Cu and 1.63 g/t Au. (See announcement dated 26 February 2015)”
Click here to read more.
RTG Mining also provided an update on the Philippines and the benefits of its jurisdiction in March 26th’s press release which is worth reading.
RTG Mining is a proven project development company with a management team and track record of putting deposits into production. The Mabilo Project in the Philippines is the company’s and most importantly, the company’s Chairman, Michael Carrick‘s focus which is reason enough for it to be on our radar.
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