Sunday, 4 March 2012

PDAC Company Q&A

A few people have kindly requested a list of things that I might find interesting at the PDAC, if I wasn't a little Englander! I would be extremely grateful to hear any of the great stories to come out of PDAC 2012.

One of the first things I put up on the blog was the PDAC Core shack page above, so I fully disclose I
own some of  the stocks I already find of interest.

So at the left side of the blog I think you should be able to open "PDAC Stocks Q&A - PDAC 2012 Spreadesheet" with all the core shack and investor exchange companies listed by booth and days at the show.
Alongside I have tried to jot some headlines about companies I find of interest.

The original PDAC listings are linked here
And Coreshack here
The Full Brochure with project stages / metals / countries etc is here

Beware though that this list of runners, riders, courses, preferred running might remind some of this >> Linked - Baldadash / Lostayer / Willy be lucky / Zigazaga / Smart Exit all sound familiar lessons in the juniors.

It is not that I have no interest in the "big name" junior companies, just that
a) I imagine they have little time for the lowly readers of this blog ....hopefully not true!
b) You'll know plenty about them anyway
c) They do lovely presentations on their websites.

I've never done the mining shows so I probably don't have a great approach to getting the most out of them but it really amounts to eyeballing and getting what you can, feel is good too, as you chat about the key due diligence areas.

As you should see from my blog I'm looking for good people first, names you can search on later, what have they done, where have they been, CV and references time. If they've failed what did they learn. Are they people who recognise risk and plan to address it. Are they geologists with no financial sense, are they accountants who could be drilling wood and not know it or are they slick promoters out to drill us?
Hopefully there is a balanced team, been there, done it, get good projects coming their way all the time, turn most down, look at the good, bring good teams with them and deliver. Or if they can't deliver move on quickly, graciously. How long has exploration been going on at these projects with no production decision or buy out, why?

For explorers we want the conceptual target, scale, km sq, 1m oz, 5m oz, analogous deposits, neighbours, the dream, drilling by the '000m and numbers of rigs turning the rock into swiss cheese. What is the geological talent. the leadership. When are we going to see results and news?

For the explorers but especially the developers it's permitting, local relations, infrastructure, accessability, metallurgy, ownership, title, financing. Resources defined and targeted. Grades g/t
All the way am I going to get diluted, buy now or later?

For those moving towards production what are capital costs, the IRR's and NPV's. Oz pa, grade, costs/oz. The outline of these should be clear for all companies from earliest exploration.

Is the management bought in with more shares than options? How much are they paid?
Are they alongside us or milking us?

Ultimately why them not the next 500 booths.
What is special? If we have 5 slots why should they be one of them? The "feel" can't be written in formal reports but passion can come across at the shows.
Somewhere there are real teams who know and love their projects and have very clear plans to generate cash and earn their fortunes as we invest alongside them.

Please Find and tell.

I believe Cara Community will be organising a collection of feedback from their members who visit PDAC, I will post the specific link when I find out where.

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