Q: Hi. As the stock is down 10% as I write this, can I assume their results were less than stellar?
5i Research Answer:
BTO reported disappointing production results and also cost overun expectations at its Goose project. Cost estimates at Goose rose from $800M to $1.05B due to inflation, labour pressures and site costs. Lower 2023 production was largely attributed to license delays in Mali. The stock is very cheap and the company has $300M cash, but this announcement likely flat lines the stock for a while.