Nevada Copper (NCU.TO) Reports its Quarter (from IKN 417)

By Inca Kola News

A little snippet from yesterday’s weekly…

Nevada Copper ( And on the subject of pig-awful balance sheets, NCU filed its 1q17 financials after the bell on Friday evening. Here’s the balance sheet, with scribbles:

nevada copper


You don’t need very many this time either, just a circle around that long-term debt pile is enough. If it had a viable project it might be a different story, then again if it were viable it wouldn’t be at project stage today. Instead, NCU is merely a vehicle used to drain cash slowly from Pala to Red Kite.
As for that “Fantasy Island” comment, it’s useful to remember that despite using a copper price of U$3.00/lb for U/G and U$3.15/lb for open pit in its feasibility study (and those only get you yo a mediocre 15.6% IRR) and despite copper not being at those price for many years, NCU hasn’t bothered to write down or impair its fixed asset value by a single red cent. That U$235m asset price may as well be U$235 Billion as neither number bears any relation to reality. At least CMMC has some cash flow. “Optionality on copper” stops being “Optionality on copper” when the project never has a chance of being built.

Subscribe to NFTRH Premium for your 40-55 page weekly report, interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at and Also, you can follow via Twitter @BiiwiiNFTRH, StockTwits, RSS or sign up to receive posts directly by email (right sidebar).

Leave a Reply