Globex Revenues Surge More Than 40% in Second Quarter Of 2017

Globex Mining Enterprises Inc. (TSX:GMX – $0.56 & OTCQX:GLBXF – $0.46 & Fra:G1MN – €0.37) is a North American focused exploration and development project generator. The Company has an exceptionally well-diversified portfolio of assets, with exposure to a wide range of commodities.

Revenues for the second quarter, ended June 30, 2017 were $668,147 up 40.5% compared to $475,442 in second quarter of 2016. Globex’ revenues for the six-month period ended June 30, 2017 were $1,148,541 as compared to $530,442 in Q2 2016, a considerable increase of $618,099 or 116%.

The proceeds from the Company’s recently completed private placement will be used to advance some of the Company’s most attractive properties to ready them for optioning, joint venturing, or outright sale to a third party.

The adjacent Francoeur-Arntfield gold properties, for example, demonstrate the potential for a large tonnage low grade near surface gold deposit. The Company will conduct several hundreds of meters of trenching. In addition, it will map, strip and channel sample a large outcrop area in an initial exploration program. This is a very attractive project with lots of potential. In fact, we feel that Francoeur/Arntfield alone justifies Globex current market valuation of $28 million.

At the Normetmar zinc deposit in Quebec, Globex has begun acquiring and compiling data from previous work conducted on the property with the intention of initiating an exploration program this summer. Several more projects are scheduled to be advanced during the coming months.

Next to the properties that Globex advances itself, it has dozens of option and royalty partners from which it regularly receives payments.

Since May 2017, Globex received royalties of $320,725 as a result of Nyrstar restarting mining operations at its Mid Tennessee mine. Because production is still ramping up, Globex expects to receive over C$120,000 per month from Nyrstar later this year.

In addition to Nyrstar’s source of liquidity, Globex has a number of sale/option agreements in place which are estimated to generate gross option payments of in excess of $1.0 million in 2017.

Based on our calculations, we reiterate our buy recommendation for Globex Mining Enterprises with a price target of $1.21, which is 116% above today’s stock price.

Download the second quarter 2017 Globex Mining Company Report. Download Advice: BuyPrice Target: $2.87Latest Company Report (pdf)
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