Since the history of mining and exploration has seen large scale frauds in reporting to investors some regulations have emerged to try to control reporting.
There are regulations around resources which can be reported and this can help investors to compare projects and assess potential returns.
In Canada 43-101 standards, in Australia, JORC.
- NI 43-101 Overview OSC - Ontario Securities Commission
- NI 43-101 Overview BCSC - British Columbia Securities Commission
- Wardrop Review Of Canadian Mining Regulation Updates
- Ontario Securities Commission on PEAs
- Failed Public Financings & Confusion around PEAs
- A Glossary of Valuation Terms is provided at Campbell Valuation Partners Here.
- JORC.Org Australian Body - 2012 JORC Code
- ASX Listing JORC Rules on Reporting Exploration Results, Resources and Reserves
- Practical Interpretation for JORC
- JORC Updates April-13
- Be aware that as different project assessments are made at different times, against moving commodity prices and infrastructure costs, direct comparability is difficult.
- A very basic model may assist in aligning metal price assumptions for example. Aligning capex and costs for studies prepared at different times is more difficult but might use inflation assumptions to align.
- Beware of companies stating pre and post tax NPV valuations which are clearly far from comparable.
- It can often be unclear whether all calculations date from a project approval date, almost "now" when you make an investment as a shareholder, or a construction start / production start up date.
- Different "Discount rates" are also used in various studies. I believe that as any bull market strengthens this will be the area where more and more aggressive discount factors are used to justify higher company valuations. At that point it will matter less that some large capex projects are 5 years away. For now it matters enormously and is a key reason for apparently low $/oz valuations for some companies. In a bull market gold's "inflation proofing" could give some justification to not applying discount factors but I would take this as a sign that a bubble is blowing.
Criticisms
There have been criticisms of the JORC and NI 43-101 processes, there is still a feeling that geologists can be paid to deliver the report companies request rather than be held to account by a professional body.
A good discussion has been prompted by an exchange at the 2013 Scotiabank Mining Conference
Discussion and analysis reported at:an exchange between Clive Johnson of B2Gold and Joseph Conway of Primero (P.to) (PPP) (20) that covered plenty of ground but along the way included this snippet:Conway: I can tell you 43-101 is a piece of garbage. It's not worth anything.Johnson: It's a joke.Conway: It's a joke. It's not protecting you guys in any way, shape or form.Johnson: Absolutely.Johnson: What we typically see where it falls apart is the block model. We just say, give us your data...it usually fails right there. The extrapolation that they're using for their reserves and resources is probably completely out of whack relative to the geostatistical information or data that is there.Moments later Johnson shared a thought; a bit in jest, but not entirely so, perhaps.Johnson: We've often talked in our group that one day, some day in the future when we're ready for a change, it'll be interesting to take a technical team like ours and start our own little fund. And with the ability to judge things, and I'm sure you guys have that as well, I can tell you for sure that fund would be short more than it would be long.
IKN
Brent Cook on NI 43-101 at IKN
and previously on the risk of NI 43-101 giving a false sense of security
Mineweb "Truth Telling in Resource Estimates"
Mineweb - Additional Feedback
Defense of NI 43-101 by Garth Kirkham
- Geology & Resource
- Mine Design & Mineable Reserve
- Metallurgy and Process Facility - Tailings Disposal
- Infrastructure Development - Water Supply - Power Supply - Access - labour etc
- Environmental Impacts, permitting and Approvals
- Cost Estimates - Financial Evaluation - Sensitivity analysis
There are significant differences between quality standards applied at the different stages.
PEA - Preliminary Economic Assessment
PFS - Pre-Feasability Study
DFS - Definitive Feasibility Study
BFS - Bankable Feasibility Study
There has been criticism of the quality of PEA assessments, where inferred resources are more likely to be referenced. See Inca Kola links here.
Look for the Fatal Flaw, realistic key economic assumptions may direct attention.
And there have also been questions on the place of the Pre-Feasibility Study - PFS. Thoughts from Jack Caldwell at I Think Mining Blog
Many investors will apply risk weightings but clearly the PEA can offer earlier indications than the DFS.
The NPV from an investor's point of view may be different from the "Project NPV" if it is clear that there will be a long delay before construction begins. That delay is either dead money, or the chance to buy a bargain.
An overview of each stage, though with some different terminology, by the S.African company Senet - HERE
Discussion of the Scoping phase in Feasibility Studies and Geology and Feasibility and Breaking down the Feasibility process - at The Economic Geologist Blog including this graphic emphasising the value added at Pre-Feasibility, and the difference between value added by good and bad studies impacting the ongoing life of the project.
Also very important is to understand the confidence levels around defining reserves and resources
Some Useful links for Investors
There are a number of companies involved in making the official calculations and assessments.
- Wardrop - A long list of their project assessments
- AMC - List of Clients, no project details - Website
- AMEC - no list found - Website
- Micon - no list of projects - Website
- SRK - no list of projects - Website
- Behre Dolbear - Mining Industry Consultants - Website
- ACA Howe International - Website - Client List / map here
- Gustavson Associates - Website
- Tetra Tech - Website
- Snowden - Website
- Coffey Mining - Website
- Knight Piesold - Website Projects include Yanacocha and Palmarejo
- Runge Pincock Minarco - Website
- M3 Engineering & Technology Tuscon - Website
- Lycopodium Minerals - Website - Projects-Precious Metals
- Senet - List of projects
- Conestoga-Rovers & Associates - Website
- P&E Mining Consultants - Project list
- Samuel Engineering - Mining & Minerals Feasibility
- MineTech International - Website
- Orewin - Website List of Projects
- Independent Mining Consultants (IMC) - Website (Long list of current Projects and 2006-10 Precious Metal Projects
- RPA Inc (Roscoe Postle Associates) - Website
- JDS Energy & Mining - Website Projects
- Moose Mountain Technical Services (MMTS) - Website Projects
- SNC Lavalin - Website
Official Resource definitions and upgrades can lead to significant stock valuation changes as analysts re-rate their expectations to what can genuinely be news. Higher level studies, particularly to PFS, can make companies legitimate acquisition targets.
To flag up resource up/downgrades use
ResourceIntelligence - Resource Estimates
- This merely reports In situ gross value but flags changes and can be investigated further.
COMPANIES - Alphabetically to PEA / DFS - Summarising UDC, NPV & IRR%
Many to add !! Do any readers know a good source to link, or want to create shared googledocs which recalculate at given gold prices?
PEA : Preliminary Economic Assessment
PFS : Prefeasibility Study
DFS : Definitive Feasibility Study
UDC : Undiscounted Cashflow
NPV : Net Present Value @ Give discount rate %
IRR : Internal Rate of Return %
Payback - years to repay capital cost from free cashflow
- African Gold Group (AGG.v) - Feasibility: Kobada Gold Project - Mali W.Africa - Tgt end 2014
- Alacer (ASR.TO) - DFS Definitive feasibility : Sulphide Recovery @ Copler Gold Turkey - IRR 20% @ $1300 Gold - Capex $660m
- Aldridge Minerals (AGM.v) - Optimisation Feasibility Study : Yenipazar VMS Turkey - IRR Post-tax 30.8% @ $1250 Gold / $20 Silver / $3 Copper - Capex $230m Reduced capex through contract mining - Production / 12yr mine life - 650k oz gold 41% of value + ~15% Cu/Ag/Zn/Pb - Apr-14
- Alexco (AXU / AXR.TO) - PEA - Expansion Keno Hill Silver -Yukon -
- Allied Nevada (ANV.TO) - PFS : Hycroft Mill Expansion - Nevada US - IRR Post Tax 26.5% @ $1300 Gold / $21.67 Silver - Capex $900m ph1 / + $422m ph2 - Production 800k oz Gold Equiv pa = 450k oz gold + 21m oz Silver - Large Gold+Silver. NPV +$5-600m per $100 gold - M3 Engineering & Technology
- Almaden (AMM.TO) -
- PEA : Ixtaca Gold/Silver (54:46) - Mexico - Post-Tax IRR 22% - NPV 5% $437m @ $1320 gold, $21 Ag - Initial Capex $496m - Production 130k oz Au / 7.8m oz Ag pa - April-14 - MMTS / Knight Piesold / Apex / Giroux
- PEA optimisation Sept-14 - Base Case Capex $399m - Post-tax-IRR 28% @$1320
- Sept-14 - Ramp up - Capex $244m - IRR 23%
- Amara Mining (AMA.L) - PEA : Yaoure Gold - Cote D'Ivoire - (See Also Alternate Scenarios PEA) IRR Post-tax 32% @ $1250 Gold - Capex $274m - $408m Production 325k oz pa. 6.3m oz resource (5.5m inferred)
- Amarillo Gold (AGC.v) - PEA / PFS Mara Rosa Gold Project Brazil - IRR Post Tax 26.6% -NPV5% $178m @ £1,200 Au - Capex $184m - Production 124k oz Coffey - Nov-11
- Aquila Resources (AQA.TO) - PEA - Back Forty Gold/Zinc Project - Michegan US - Post Tax IRR 28.9% / NPV6% $184m @ $1293 Gold / 96c Zn - Capex $261m - Production 16yr LOM total 532k oz Au (100% owned previously JV with Hudbay) TetraTech Jul-14
- Argonaut (AR.TO) - Pre-feasibility : Magino - Canada IRR 18% @ $1250 gold
- Ariana Resources (AAU.L) - DFS: Kiziltepe - Red Rabbit Gold - Turkey
- Asanko Gold (AKG.TO) - Pre-feasibility - Esaase Project Ghana - June-13 : IRR 18.5% @ $1300
- Asanko Gold (AKG.TO) - Pre-Feasibility ex PMI Gold (PMV.TO) - Obotan Gold Project Ghana - Jan-12 : IRR 31% @ $1300
- Astur Gold (AST.v) - PEA - Salave Gold - Spain - (in full here) IRR 24 - 54% @ $1100 Au - Capex $124m-$153m - Production 107-133k oz pa - Golder Associates - Feb-2011
- Atac Resources (ATC.v) - PEA - Tiger Deposit Rakla Gold - Yukon Canada - IRR post tax 21.5% / NPV5% $33.7m @ $1250 Gold - Pre-prod Capex $92m - Production LoM 4yrs 221k oz - Kappes, Cassidy & Associates - July-14
- Atacama (ATM.v) - PEA - Cerro Maricunga - Chile IRR 26% @ $1450 gold - $515m capex
- PFS - Cerro Maricunga - Chile IRR 25% @ $1350 gold - Initial Capex $399m - Production 281k oz - Aug-14
- Atlantic Gold (AGB.v / AGB.ax) - PEA: Tuquoy / +Cochrane Gold Projects - Nova Scotia - IRR Post tax 31.5-33.5%, NPV5% $163-$242m @ $1300 Gold - Initial Capex $131-$249m - 88-141k oz pa MMTS Sept-14
- Aurico (AUQ.TO) (ex Northgate Minerals acqn) - Feasibility Young Davidson Gold Ontario - IRR pre-tax 12.4% @ $825 gold. Initial capex $339m - Production 180-190k oz pa - July 2009 - AMEC
- Aurvista (AVA.v) - PEA - Douay West Gold Project - Abitibi Quebec Canada
- Avala Resources (AVZ.v) - PEA - Timok Gold-Copper Project E.Serbia - IRR 14.3% @ $1300 Gold - Production 81k oz pa LOM - Pre-production Capex $177m
- Avnel Gold Mining (AVK.TO) -
- PEA : Kalana Gold - Mali : IRR post-tax 53% @ $1,110 - Capex $188m - Production 98-138k oz pa. Snowden - March 2014
- PFS Target end 2014
- Azarga Uranium (AZZ.TO) - PEA:Dewey Burdock Uranium Project - S.Dakota US - IRR 57%
- Azumah Resources (AZM.AX) - Feasibility: Wa Gold Project, Ghana - Production 90k oz pa x7yr - Cashflow post tax $40m x 7yrs @ $1,300 - AISC $830/oz - Initial Capex $168m - March-15
- Bassari Resources (BSR.AX) - Feasibility: Makabingui gold Project - Senegal - IRR 404%, NPV8% $63m @$1200/oz - Capex $12m - existing infrastructure - Production 50k oz pa (3ys iml) - AMDAD- Jun-14
- Batero Gold (BAT.v) - PEA : Quinchia Gold Project - Colombia - Post Tax IRR 21% : $1400 Gold. Initial Capex $97m - Production 56k oz pa - Nov-13 - RPA (Higher grade nr surface only)
- Bear Creek Mining (BCM.v) -
- PEA : Corani Project : IRR 17% @ $18 silver
- Feasibility Update : Corani project: IRR 20.9% @ $20 Silver
- Bellhaven Copper & Gold (BHV.v) - PEA La Mina Project - Antioquia - Colombia : IRR (post-tax) 26.4% @ $1400 Au / $20 Ag / $3.25 Cu - Initial Capex $320m - Production 93k oz Au pa + 20m lb Cu. Sept-13
- Belo Sun (BSX.TO) - After previous PFS revert PEA for staged build - Volta Grande Gold Brazil - IRR Post Tax 16.1% @ $1300 Gold - Capex $329m
- Canadian Zinc (CZN.TO) - PFS : Prairie Creek Zn/Pb/Ag NWT Canada - IRR PRE-Tax 40.4% @ Zn/Pb $1.20 2yr > $1 Ag $28 2yr > $26 - Capex $193m - Prodn 2.2m oz Ag / 76mlb Zn / 90m lb Pb - SNC Lavalin / AMC - July-12
- Brazilian Gold (BGC.V) - Acq BRI.v- PEA: San Jorge Project : IRR 46% on $1500 gold
- Calico Resources (CKB.v) - PEA: Grassy Mountain Gold - Oregon US - Jan-15
- Capstone (CS.TO) - Feasibility Study : Santo Somingo IOCG Chile - Capex $1.7bn
- Carbine Resources (CRB.AX) - Scoping Study: Mt Morgan Gold Mine - Queensland Australia - Capex $83m - 36k oz pa Gold - AISC US$393 - Nov-14 PFS due 2015
- Carlisle Gold (CGJ.TO) - PEA: Farley & Maclellan at Lynn Lake : IRR 26% @ $1100 gold - $185m capex - 145k oz pa
- Cassidy Gold (CDX.v) - PEA: Kouroussa Gold Project - Guinea - IRR > 30% @ $1275 - SRK 2012
- Castle Mountain (CMM.v) - PEA: Castle Mountain Mine - California US - IRR Post-tax 20.1% @ $1,300 Gold - Capex $98 - $421m - Production 119-291k oz pa (176k)
- Chaparral Gold (CHL.TO) - formerly International Minerals - Feasibility - Goldfield - Nevada - June 2013 - IRR 20% @ $1350
- Chesapeake (CKG.v) - PFS Metates 16% IRR @ $1350 au / $25 Ag / $1 Zn - Capex $3-4.3bn
- Chieftan Metals (CFB.TO) - PEA Tulsequah Chief Project NW British Columbia, Canada - IRR pre-tax 25% / NPV 8% pretax $270m @$1,125 Au, $19.06 Ag, 93c Zn, $2.47 cu - Pre-prod Capex $310m - Prod 69k oz gold equivalent (Zinc) - SRK Consulting - Jun-11
- China Non Ferrous Gold (CNG.L) formerly Kryso Resources - BFS: Pakrut Gold Project - Tajikistan - IRR post-tax 29%, NPV10% $263m @phased $1500 to $1250 long run - Capex $177m. First Production Q4-14
- Clifton Star (CFO.v) - PFS Duparquet Gold Quebec - IRR pre-tax 15% @ $1300 - Initial Capex $394m
- Columbus Gold (CGT.v) NordGold JV Paul Isnard Gold Project - Guyana PEA due Q1-15 / Bankable Feasibility due Mar-17 Resources 4m oz
- Condor Gold (CNR.L) -
- PEA: La India Gold, Nicaragua
- PFS/PEA-A&B : La India Gold Nicaragua (Highlights)- IRR 22% / NPV $92m @ $1250 Gold - 80k oz pa x 7yrs - Initial Capex $110m Dec-14 - SRK
- PEA version B - IRR 24% - NPV $187m - Initial Capex $167m - Production 137k oz pa x 8yrs
- Convergent Minerals (CVG.AX) - PFS Blue Vein Gold Project - Australia -NPV(7.5%) $10.7m
- Copper Fox (CUU.v) - Feasibility: Schaft Creek BC Canada IRR post-tax 8.3% - NPV5% $956m @ $1445Au / $3.25 Cu / $27.74 Ag - Capex $3.2bn Production pa 232m lb Cu / 201k oz Au / 1.2m oz Ag / 10m lb Moly - Tetratech - Jan-13 (Teck agreements)
- Copper North (COL.v) - PEA : Carmacks Copper (+Au/Ag) Yukon-Canada - IRR Post Tax 12% @ $3.20Cu - M3 - May-14
- Coral Gold (CLH.v) - PEA:Robertson Gold Project, Nevada US - IRR post-tax 15.4%, NPV5% $97m @ $1350 Au - Initial Capex $122m - Production variable 40/60k oz pa - Jan-12
- Coro Mining (COP.TO) - PFS - San Jorge Copper Argentina - JVs / Permits propose dispose interest in Mar-15 ?
- Corvus (KOR.TO) -
- PEA : Bullfrog Nevada only : NPV (5%) = $338m @ $1700 gold : IRR = 70% : Payback = 1.2yrs + exploration
- PEA : Bullfrog Project - Nevada since ....xx
- Crusader Resources (CAS.AX) - PFS Borborema Gold Project - Brazil IRR 32.9%, NPV 10% (pre-tax) $250m @ $1300 Au - Capex $139m - Production 130-180k oz pa. Sept-11 - BFS in progress
- Dalradian (DNA.TO) - PEA Curraghinalt Project - N.Ireland IRR 32% @ $1300 Capex $190m
- Update Oct-14 - IRR 36% @ $1200 Gold. Capex $249m
- Desert Gold (DAU.v) - PEA: Barani East Gold Mine Project, W. Mali- NPV5% $15m - Sept-14
- Detour Gold (DGC.TO) - now in production - PFS:Detour Lake Gold, Ontario Canada - IRR post Tax 11.3% / NPV 5% pt $469 @ $775 Gold - Capex $995m - Production 300-500k oz pa Met-Chem Oct-09
- Duluth Metals (DM.TO) - PFS: Twin Metals Minnesota Project - Aug-14
- Dundee Precious Metals (DPM.TO) - Feasibility Krumovgrad Gold Bulgaria - IRR Post-Tax 31% @ $1250 Au - Initial Capex $127m - Production 74k oz pa
- Dynasty Metals & Mining (DMM.TO) - PEA: Zaruma Gold Mine - Ecuador NPV5% $218m @ $1300 Gold.
- Eagle Hill (EAG.v) - PEA: Windfall Lake Gold - Quebec, Canada - Post-tax IRR 17.2% @ $1,200 Au - April-15
- Edgewater Exploration (EDW.v) - Awaiting PFS - PEA: Corcoesto Gold Project Galicia Spain - IRR (Pre-tax) 24% @ $1300 Gold - Initial Capex $135m - Production 102k oz pa. P.E. Ore Reserves Engineering - Nov-2011
- El Tigre Silver (ELS.v) - PFS : El Tigre Silver Project Sonora Mexico
- Erin Ventures (EV.v) - PEA: Piskanja Borate Project - Serbia
- Excelsior Mining (MIN.v) - PFS North Star - Gunnison Copper Project 45% IRR
- Exeter Resources (XRC.TO) - PEA Caspiche Gold-copper Chile (variable capex/volume) - May-14
- Euromax (EOX.v) - PFS Ilovitza Gold-Copper Macedonia - IRR Post Tax 16.5% / NPV 5% post tax $558m @$1250 Au / $3.00 Cu - Initial Capex $502m - Production 95k oz Au / 16k T Copper - Tetra Tech / ACA Howe - Jun-14
- Foran Mining (FOM.v) - PEA: McIlvenna Bay Copper Zinc - Sascatchewan Canada - 19% IRR / NPV7% $263m - Capex $249m
- Formation Metals (FCO.TO) - PEA: Idaho Cobalt Project - US - IRR 24% - NPV $113m
- Fortune Bay (FOR.TO) (Spinco ex Brigus Gold) - Goldfields Gold Project Saskatchewan Canada - Oct-11
- Geologix (GIX.TO) - PFS: Tepal Gold Copper Project - Mexico - IRR Post Tax 23% NPV 5% $327m @ $1286 Au / $3.32 Cu / 23.68 Ag - Initial Capex $354m - Production 117k oz Au / 49m lb Cu
- Global Minerals - PEA: Strieborna
- GoGold Resources (GGD.TO)
- PEA Santa Gertrudis Mexico - IRR post tax 58%, NPV5% $150m @ $1250 Gold - Initial Capex $32m - Production 56k oz pa
- PFS Parral Tailings Mexico - IRR post tax 54%, NPV5% $107m @ $1475 gold / $29 Silver - Capex $35m - Production 11k oz Au / 1.2m oz Ag - MDM Feb-13
- Gold Canyon (GCU.v) - PEA Springpole Ontario 25% Pre-tax IRR @ $1300 Gold. Capex $544m
- Gold Road Resources (GOR.ax) - Scoping Study: Gruyere Gold PFS to follow
- Golden Arrow Resources (GRG.v) - PEA - Chinchillas Silver - Argentina - Post-Tax IRR 17.5% @ $22 Silver - Initial Capex $202.3m - Production 5.4m oz pa - Dec-13
- Golden Queen (GQM.TO) - Soledad California Oct 2012 $100m capex est. IRR 62% @ $1415
- Golden Predator (GPY.v) - PEA - Brewery Creek Gold Project - Yukon Canada
- Golden Reign (GRR.v) - PEA due Q4-14 - Stream finance from Marlin Gold
- Golden Rim (GMR.AX)
- Golden Star (GSS / GSC.TO) -
- PEA: Wassa Underground Gold Mine - Ghana - IRR 141% / NPV5% $350m @ $1300 Gold. Capex $41m
- Feasibility: Wassa Mine - 115-220k oz pa. Leverage - IRR 83% @ $1200 / 505% @ $1300 - Mar-15
- PEA: Prestea Gold Mine - Ghana - IRR 72% / NPV5% $121m @ $1200 Gold. Initial Capex $40m
- Goldquest (GQC.v) - PEA : Romero Gold - Dominican Republic
- Revised PEA - IRR 34% / NPV6% $219m @ $1225 Au, $2.9 Cu, Pre-production capex $143m - Production 117k au equivalent oz pa - JDS April-15
- - IRR Post Tax 15.1%, NPV 8% $176m @ $1300 Gold - Capex $333m - Production 90k oz pa - Micon - May-14
- Goldsource Mines (GXS.v) - PEA: Eagle Mountain Gold Project - Guyana - IRR post tax 63% - NPV7% $39.8m @ $1250 Gold - Initial Capex $5.9m / $24.2m total - Production 5-30k oz - ACA Howe - July-14
- Gowest Gold (GWA.v) - PEA: Frankenfield Gold Project
- Guyana Gold (GUY.TO) - Feasibility Study - IRR 38% @ $1300 - Capex $205m
- Gryphon Minerals (GRY.AX)
- Bankable Feasibility larger - Jan-13 - Banfora Gold Project Burkina Faso - IRR 35% @ $1600 - Production 150k oz pa - Capex $208m
- Feasibility smaller - Aug-14 - Banfora Gold Project Burkina Faso - In full at website - IRR post tax 22% - NPV5% $81m @$1250 Gold - $167m @ $1450 - Production 70-80k pa - Capex $97m
- Harte Gold (HRT.TO) - PEA: Sugar Zone Gold Deposit - Ontario - Canada - IRR post tax 28%, NPV5% $92m @ $1490 Gold - Capex $108m - Production 66k oz pa- Nordpro - May-12
- Herencia Resources - Feasibility : Paguanta Ag/Zn Chile
- Hummingbird Resources - Dugbe 1 Gold Project, Liberia
- IDM Mining (formerly Revolution RV.TO) -
- ex Banks Island Gold (BOZ.v) - PEA : Red Mountain Gold - Stewart - BC Canada : IRR pre-tax 43% @ $1360 Gold - Capex $174m - Production 115k oz pa
- PEA by IDM - IRR post-tax 32.8% NPV5% $58m @ $1250 Au / $20 Ag - Capex $76m - Production 55k oz Au 5 yr life - JDS -July-14
- Integra Gold (ICG.v) - PEA: Lamaque Gold Project - Val D'Or Quebec, Canada -
- Updated PEA (due PFS) Jan-15 -
- Apr-14 - IRR post Tax 38%, NPV5% $88.5m @ $1275 Au - Initial Capex $69m - Production - 112-143k oz pa mine total 506k. PFS due late 2014
- International Tower Hill (ITH.TO) - Feasibility Study Livengood Alaska IRR After Tax 5% NPV on $1500 gold Negative $439m
- I Minerals (IMA.v) - PFS : Bovill Kaolin Clays Project - Post Tax IRR 30.5%
- Ivanhoe Mines ( IVN.TO) - PFS : Platreef PGE Project - S.Africa - Post Tax IRR 13%, NPV8% $972m @ $1630 Platinum - Jan-15 Orewin
- Kaminak (KAM.v) - PEA : Coffee Gold Project - Yukon Canada - IRR Post Tax 26.2% - NPV5% PostTax $330m @ $1250 Gold - Initial Capex $305m - Production peak 231k oz - LOM 167k oz - JDS Energy & Mining - Jun-14
- Kefi Minerals (KEFI.L) -
- DFS: Tulu Kapi Gold Project - Ethiopia - Initial Study ex Nyota Minerals - revision due lower Capex / higher IRR
- Kerr Mines (KER.TO) - PEA: McGarry Gold - Canada
- Kinross (K.TO) - Feasibility : Tasiast Expansion - IRR 17% @ $1350 Au - Initial Capex $1.6bn - Production 848k oz pa
- Klondex (KDX.TO) - PEA: Fire Creek Gold Nevada US : IRR cash positive in first year (note already purchased mine from Newmont), NPV 5% post tax $141m @ $1250 gold - Capex $49.6m - Production 280k oz total 5yr life - Apr-14 - Practical Mining LLC
- Lakeshore Gold (LSG.TO) - PEA : Timmins West Deposits only : NPV(5%) = $880m @ $1,775 gold : IRR = 116% : Payback = 1.2yrs (note also FNV investment) + exploration
- Levon (LVN.TO) - PEA - Cordero Silver - Mexico : IRR post-tax 14.8% @ $25.15 Ag - Capex $647m - Open Pit 15years total 131m oz silver - 1.4bn lb Zinc, 1bn lb lead - M3 & IMC
- Lexam VG Gold (LEX.TO) - PEA
- Lion One Metals (LIO.v) - Tuvatu Gold Project, Fiji - Resources / Economic Model "in progress"
- Lydian (LYD.TO)
- Amulsar Gold Project - Feasibility IRR 27.7% @ $1200 Gold - Sept-12
- Updated Feasibility Sept-14
- MAG Silver (MAG.TO) - PEA : Juanicipio Silver (+Au/Zn/Pb) Zacatecas State Mexico - Joint 44% with Fresnillo 56% - IRR (Post-Tax) 43% @ $23.39 Silver / $1257 Au - NPV 5% $1.253bn - Pre-prod Capex $302m - Production 15m yr 1-6/ LOM 10m oz pa Silver (Total project) - AMC Jun-12 (Standalone basis - may be synergy from Fresnillo mine)
- Marathon Gold (MOZ.TO - Valentine Lake Gold - Ontario - Moving towards PEA 2014
- Marlin Gold (MLN.v) - formerly Oro Mining (building) - PEA: Trinidad / Taunus Gold Project - Sinaloa Mexico - IRR post tax 43%, NPV8% $53m - Capex $28m @$1500 Gold SRK Feb-13
- Maya Gold & Silver (MYA.v) -
- Metals X ( MLX.AX) - DFS: Central Murchison Gold Project, W.Australia - NPV pre-tax $142m -@ $1750 -$1400 Gold (starting high) Capex $117m - Prodution 95k oz pa
- Midas Gold (MAX.TO)
- - PEA : Golden Meadows Idaho : IRR 27% @ $1400
- PFS : Golden Meadows Stibnite Gold Project - Idaho US - IRR post tax 19.3% @ $1350 Gold - NPV 5% $832m - Initial Capex $970m - Production Au 337-388k oz pa
- Midway Gold (MDW.v) - Feasibility : Pan Gold Project Nevada. - >>Full Feasibility Dec- 2011 : IRR 32% @ $1200
- Minco Silver (MSV.TO) - BFS - Fuwan Silver China - Sept-09
- Minera Ireland (MIRL.L / IRL.TO) - Post DFS : Ollachea Gold Project - Peru - IRR 28.2% @ $1300 gold - Capex $165m - Production 100k oz pa
- Minnova Corp (MCI.v) - Formerly Auriga - PEA : Maverick Gold Manitoba Canada - IRR Post Tax 55% @$1250 Gold - Pre-Prod Capex $26m - Production 52k oz pa yr 2-5 - ACA Howe - June-14
- Monarques Resources (MQR.v) - PFS: Croinor gold Project - Val D'or Quebec Canada
- Moneta Porcupine (ME.TO) - PEA : Golden Highway Gold - Ontario Canada IRR PRE-tax 24.4% , NPV $748m @ $1350 Au - Capex $607m - Production 290m oz pa Nov-12
- Nevada Copper (NCU.TO) - Feasibility: Pumpkin Hollow Copper Project - Nevada US -
- New Gold (NGD.TO) - Blackwater Feasibility Dec-13 - 11% IRR @ $1300
- New Gold (NGD.TO) - Rainy River Project Feasibility Jan-14 - 13% IRR @ $1300
- Newstrike Capital (NES.v) (Expected Acquisition by Timmins TMM.TO) - PEA: Ana Paula Gold Project - Guerrero Mexico - IRR Post Tax 32.8% - NPV5% $232m @ $1300 Gold, Initial Capex $164m - Production 116k oz pa 2.25m oz
- NGex Resources (NGQ.TO) - PEA: Los Helados
- Niocorp - PEA:Elk Creek Niobium Project - April-15
- North American Palladium (PDL.TO) - PEA: Lac Des Iles Palladium Mine Open Pit Expansion Project - Ontario Canada
- Northern Freegold (NFR.v) - PEA :Golden Revenue/Freegold Mountain : IRR 17.5% @ $1455
- Orbis Gold (OBS.AX) (Purchased by Semafoe SMF.TO) - Scoping Study - Natougou Gold Project - 40-60% IRR @ $1300
- Orezone (ORE.TO) - PEA : Bombore - 23.9% IRR @ $1250
- Feasibility: Bombore Gold - Burkina Faso - IRR Post Tax - 24.4% @ $1,250
- OZ Minerals (OZL.AX) - PFS: Carrapateena Copper-Gold Project - Australia - IRR 13% @ $3.20 Copper / $1225 Gold - Production 114k Tonnes Cu / 117k oz Gold
- Highland Copper (HI.v) JV with ACMI (purchased Project from Orvana Minerals - Feasibility Copperwood Cu/Ag Michigan US - IRR Post Tax 17.2% @ $2.75Cu & $20 Ag - Feb-12
- Osisko (OSK.TO) ex Queenston QMI - PEA - Upper Beaver Gold Kirkland Lake -
- Pacific Booker - (BKM.v) - PFS : Morrison BC Gold Copper - Moly /cu dependency
- Pan American Silver (PAAS) - PEA : Dolores Deposit- Chihuahua Mexico
- Papillon Resources (PIR.AX) - Fekola Gold Project - Mali - IRR ? - Cash costs $580 - AISC $725/oz - 2.4g/T - Pre-tax cash flow $130m pa @ $1100 Au - Capex $292m - Production 300k oz pa - MPR Geological Consultants - June-2013
- Paramount Gold & Silver (PZG.TO)
- PFS: Sleeper Gold Project - Nevada - US - IRR PRETAX 26.8% @ $1388 Au - Initil Capex $346m / Total $688m - Production 172k oz pa. - SRK Jul-12
- PEA: San Miguel Gold & Silver Project - Sierra Madre ,Mexico - IRR Post Tax 15.9% - NPV 5% $261m @ $1350 Au / $22 Ag - Initial Capex $69m ($439m total) - Production 55koz au + 2.8m oz Ag - MMC Aug-14
- Pershimco (PRO.TO) - PFS : Cerro Quema Gold Panama - IRR Post tax 33.7% @ $1275 - Capex $117m - Production 78k oz pa - Cappes Kassiday / Golder / P&E Mining - June-14
- Pilot Gold (PLG.TO) - Holds 40% with Teck - PEA: Halilaga Copper/Gold Project Turkey - IRR Post Tax 20.7%, NPV7% $474m @ $1200 Gold / $2.90 Copper - Capex $1.16bn - Production 120-130k oz pa Au + 159-210m lb pa SRK Oct-12
- Premier Gold (PG.TO) - PEA - Hardrock Gold Ontario - IRR 23% / NPV $519m @ $1250 on $411m capex 200-250k oz pa
- Pretium (PVG.TO) - Brucejack Gold BC Canada - IRR Post-Tax 35.7% - NPV $2.7bn @$1350 Au / $20 Ag - Capex $664m - Production 426k oz Au yr 1-10 - TetraTech / AMC / Snowden mineral estimate query Nov-13
- Updated feasibility June-13 - IRR 28.5% @ $1100 Gold
- Rathdowney - PEA: Olza Zinc-Lead Project - Poland April-15
- Red Eagle (RD.v) - PFS: San Ramon Gold Project - Colombia - IRR post-tax 32% / NPV5% $56m @ $1100 Gold - Initial Capex $63m - Production 71k oz pa first 2 years - 388k total Lycopodium Minerals Canada - Sept-14
- Redhawk Resources (RDK.TO) - PEA:Copper Creek Copper Project - Arizona US - IRR pre-tax 16%, NPV7.5% $488m @ $3.30 Copper - Initial Capex $857m - IMC - June-13
- Rio Novo (RN.TO) - Feasibility Study - Almas Project Brazil: IRR 22% @ $1450
- Robex (RBX.v) - PFS - Nampala Project - Mali
- Romarco (R,TO) - Haile Gold - South Carolina US: IRR 15.7% @ $950 / IRR post-tax 29%, NPV5% $483m @ $1300 - Initial Capex $275m - Production 150k oz - M3 - Feb-11
- Roxgold (ROG.v) - PEA - Yaramoko Oct-13 - IRR 48% @ $1300 Gold - Capex $94m
- PFS - Apr-14
- Rubicon (RMX.TO) - PEA : F2 Gold Deposit - Phoenix Project - Red Lake Ontario Canada: IRR (Pre-Tax) 28% / NPV5% $433m @ $1100 Gold - Initial Capex $214m - Production 180k oz pa - AMC - June-2011
- Rye Patch Minerals (RPM.v) - PEA Lincoln Hill Gold Nevada US
- Sabina Gold & Silver (SBB.TO)
- - PEA: Backriver :- IRR 16.5% @ $1350
- Feasibility: Backriver Nunavut Canada - IRR 21.7% / NPV5% $539m @ $1200 Au - Initial Capex $695m - Production 346k oz Au pa - JDS - May-15
- Sandspring Resources (SSP.v) - Toroparu : IRR 23% @ $1400
- Santa Cruz (SCV.v) - PEA: San Felipe Silver Sonora Mexico Sept-14
- Saracen Minerals (SAR.AX)
- DFS Due for Thunderbox Project due Q3 2015? expectation 140k oz over 5yrs for Capex $45-55m
- Seabridge (SEA.TO / SA ) - Kerr Sulphurets Mitchell (KSM) BC Canada Gold/Copper : IRR pre-tax 11.5% @ $1330 gold / $3.45 copper / $25.20 Silver. Capex $5.25 Bn. Production 750-850k oz gold pa + 150-194m lbs copper - Tetra Tech Wardrop
- Silvercrest ( SVL.TO) - PFS: Santa Elena Expansion - Sonora, Mexico - IRR PRE-TAX 88% on incremental capex, NPV5% $243m @$1450Au / $28 Ag- Capex $88m
- Silver Bull (SVB.TO) - PEA : Sierra Mojada Silver - Mexico (detail PEA) - Post Tax IRR 23.1% @ $23.5 Silver /95c Zn - Initial Capex $297.2m - Production 5.5m oz Ag pa (yr 2-6 = 7m oz) - Oct-13 - JDS Mining
- Sirius Resources (SIR.AX) - Feasibility (AU$1bn company from discovery NI-Cu)
- SolidusGold (SDC.v) - PEA:Wind Mountain Gold-Silver Project - Nevada - US (option to acquire from Bravada) - IRR post-tax 21% @ $1,300 Gold - MDA - Dec-14
- Solitario / Ely - Nevada : IRR 25.4% @ $1323
- Spanish Mountain (SPA.v) - PEA Spanish Mountain Gold Project BC Canada : IRR 10% @ $1350 - NPV $256m - Capex $756m - Production LOM 197k (268k yr 1-3) oz pa Tetratech Dec-12
- Sulliden (SUE.TO) - Feasibility Study Shahuindo Gold Peru IRR (Post-Tax) 37.8% @ $1415 Gold - Capex $132m - Production 88k oz pa Sept-2012 (Bid from Rio Alto - June-14)
- Sunward Resources (SWD.TO) - No PEA yet - Resource Statement Behre Dolbear - total resourc 10.6m oz Au / 870m lb Cu
- Tasman Metals (TAS) - PFS:Norra Karr Heavy Rare Earth Project - Sweden - IRR post tax - 20%
- Timberline (TBR.v / TLR) - PEA: Talalapoosa Gold-Silver Project - Nevada US - IRR 39% , NPV $136m @ $1,150 Gold. Production 55k oz Au & 679k oz Ag. Initial Capex $51m - WSP Canada, April-15
- Tintina Resources (TAU.v) - PEA: Black Butte Copper Project - Montana - IRR post tax 20.2%, NPV 8% $110m @ $3.05 Cu - Capex $217m - Production 65m lb Cu pa Tetra-tech Jul-13
- Torex Gold - Bankable Feasibility - Morelos Project - Mexico Sept-12 - 24% IRR @ $1276 - in full
- Torogold(private - to float?) - PFS:Mako Gold Project, Senegal - IRR pre-tax 22% @ $1300 Gold - July-14
- Treasury Metals (TML.TO) - PEA Goliath Gold Project - Ontario Canada - ACA Howe
- TriMetals Mining (TMI.TO) -(formerly South American Silver SAC.TO) PEA - Goldsprings Nevada US - Pretax IRR 4 to 58% , Pretax NPV $0 - $162m @$1300 gold, $21 Silver - Range of scenarios
- Troy Resources (TRY.AX/TO)
- PEA : West Omai Gold Guyana (ex Azimuth) Jan-14
- PFS : Karouni Open Cut - Gold - Guyana (ex Azimuth Acqn) Jul-14
- Truegold Mining (TGM.v) - Karma Project - Burkina Faso - 43% IRR @ $1250 gold
- Tyhee Gold (TDC.v) - Feasibility Yellowknife Gold Project, NWT, Canada - IRR Post Tax - 15.1%, NPV5% $115m @ $1400 Au - Initial Capex $193m - Production ~120k oz pa variable - SRK / Knight Piesold Aug-12
- Victoria Gold (VIT.v) - Dublin Gulch Gold - Yukon Canada - IRR PRE-Tax - 24.1% - NPV 8% $273m @ £1325Gold - Production 200k oz pa - Pre-Prod Capex - $383m - Wardrop - Apr-12
- Vista Gold (VGZ.TO) - PFS : Mt Todd Project : >> Feasibility June-13 - IRR Post-Tax 15.9% / NPV5% $440m @$1450 gold - Capex $1.046bn - Production 481k oz yr 1-5 Avg 370k oz - TetraTech May-13 (Headlines)
- West African Gold (WAF.AX/ .v) -
- Scoping: Mankarga 5 Gold Project - Burkina Faso - July-14
- PEA: Mankarga 5 Gold Project - Burkina Faso
- Western Copper & Gold (WRN.TO) - Casino Project Yukon Canada - IRR 20.3% @ $1473 Au / $26.32 Ag / $3.16 Cu - Initial Capex $2.5bn - Production 399k oz Au yr 1-4 / 260k LoM - 171-245mlb Cu / - M3 - Jan-13
- Wildcat Silver (WS.TO) - PFS : Hermosa Silver Dec-13 : IRR 21.3% @ $23.50/oz Ag, $1,250/oz Au, $1.19/lb EMM, $0.92/lb Zn, $3.25/lb Cu. Capex $830m
- West Kirkland Mining (WKM.v) - If concluded with Allied Nevada - Hasbrouk Project IRR 69% @ $1000
- Xtierra (XAG.v) - PEA : Bilbao Ag/Zn/Pb/Cu Mexico - IRR pre-tax 13.2% / NPV 10% $11m @ Silver $30.38 / Zn 92c / Pb $1 Pre-Prod Capex $91.2m - Apr-14 - Runge Pincock Minarco
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