Hardman & Co Research: Scotgold Resources (SGZ): High grade, low cost and up and running

Hardman & Co Research: High grade, low cost and up and running

Scotgold Resources (SGZ) is an AIM-listed gold company, which is commissioning the first phase of the high-grade, low-cost Cononish gold-silver mine in Scotland's Grampian Mountain. In geological terms, the mine is located in the Dalradian Belt, which runs from Scotland to Northern Ireland, and is believed to host more than 5.0m ounces of gold. The company has recently raised £3.0m to begin phase two development at Cononish and fund further exploration work. Our provisional NPV valuation is 167p per share.

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