Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
Thursday, 22 August 2013
Orvana Minerals CEO snaps up more shares
Orvana Minerals (TSE:ORV) CEO Michael Winship has continued to show his confidence in the copper and silver miner, snapping up 30,000 shares at 48 cents this week. In May Winship acquired of 60,000 Orvana shares at a price of 53 cents each, for a total of $31,800.
Just last week, Stonecap Securities reiterated their "outperform" rating on the stock following the release of the company's fiscal third quarter, with analyst Christos Doulis saying the miner was still able to generate a small amount of free cash flow during the period despite the weak metal price environment.
Doulis, who also left his $1.00 price target on the company unchanged, noted that Orvana's balance sheet challenges, such as its debt repayment, remain, and will be "exacerbated" should metal prices remain weak. Still, he wrote: "For those bullish on the precious metal space we believe Orvana offers significant upside."
In the third quarter, cash flow provided by the company's operating activities was $10.8 million, or $4.6 million before changes in working capital. Capex was $4.3 million, resulting in free cash flow of $6.5 million, or $0.3 million before changes in working capital.