Swicks 2Q19 margin was impressive. It continued the trend evident since the start of 2018, and demonstrates the success of SWK’s focus on extracting suitable returns at each of its projects. Our EBITDA forecasts are adjusted to reflect this, although partly offset by higher D&A charges. We are attracted to SWK’s production exposure, and think underground (U/G) drilling is a growth area given increasingly deeper and more complex orebodies. We maintain our $0.40 valuation (including $0.06 for Orexplore) and BUY call.
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