- Almaden Minerals produced a positive preliminary economic assessment for its Ixtaca gold-silver project in Mexico, outlining it as a sizable producer with attractive economics.
- The PEA shows strong economics even at lower metal price forecasts, with an after-tax IRR of 17% at $1,200/oz gold and $20/oz silver.
- Higher capital costs were outlined due to choosing to produce doré bars rather than concentrate, but this eliminates smelting charges and provides financing flexibility through royalty sales.
- The analyst maintains a "Buy" rating and increases the target price to C$2.80 per share based on the reduced risk from the completed PEA.
PCF Capital's Resources Thermometer - October 2015Darren Martin
This document provides an analysis of 150 Australian resources companies by market capitalization as of September 30, 2015. It includes summaries of commodity price forecasts, executive remuneration analysis, and highlights recent transactions and company performance in the gold, copper, nickel, and iron ore sectors. The total value of the 150 companies decreased 8% from the previous month to $257 billion, with declines seen across most sectors except for gold.
PCF Capital Group - Resources Thermometer - April 2017Sam Main
This document is the April 2017 edition of the PCF Resources Thermometer report published by PCF Capital Group. It includes the PCF Group 150 ranking of the top 150 ASX-listed resources companies by market capitalization, excluding oil and gas. It provides snapshots of commodity price performance, the PCF Group 150 valuation changes, liquidity and short positions, and notable transaction activity in March 2017. Major transactions included Barrick Gold and Goldcorp entering a joint venture in Chile and several company acquisitions.
Only a few weeks ago, the A$ zinc price reached a 5-year high. As at Friday close, it jumped to a 7-year high. The copper price jumped also, while official inventories are decreasing again.
Scotia ceo roundtable june 25-2013- final- for scotia 3RoyalGold
Scotiabank hosted a CEO Royalty Roundtable on June 25, 2013. Royal Gold presented at the roundtable, outlining their portfolio of high-quality royalty assets, robust balance sheet, and attractive growth profile. Royal Gold expects to see a 47% increase in gold equivalent ounces from the addition of Mt. Milligan to production, and future growth from both Mt. Milligan and Pascua-Lama entering commercial production in late 2013 and post-2014, respectively. Royal Gold also highlighted their strong financial position, with substantial cash reserves and low debt.
Australian gold mines, analysts argue, have largely become more profitable during the past year on the back of the falling local dollar and a trend for miners to axe costs.
China Gold International Resources provided a presentation on its sustainable growth and reasons for investing. It highlighted its solid strategic investor backing from state-owned China National Gold Group, 11 years of increased production, and investment grade credit rating allowing low cost financing. It summarized its assets including the large Jiama polymetallic mine and CSH gold mine, and recent operational performance and financial results.
The document summarizes Royal Gold's presentation at the 2014 Denver Gold Forum. It highlights Royal Gold's growth driven by ramping up production at Mt. Milligan mine. It also notes Royal Gold's portfolio of long-lived, high-quality assets and significant capital available to pursue new investment opportunities. The document contains cautionary statements about forward-looking production estimates.
Why Glencore’s assets will fail to realize its true valueWalter Hin
Glencore is desperate to sell its assets and vowed to reduce net debt by $10bn. However, who will and at what price?
A look into Glencore's Xstrata acquisition gives us some glimpse of what Glencore's assets are actually worth.
PCF Capital's Resources Thermometer - October 2015Darren Martin
This document provides an analysis of 150 Australian resources companies by market capitalization as of September 30, 2015. It includes summaries of commodity price forecasts, executive remuneration analysis, and highlights recent transactions and company performance in the gold, copper, nickel, and iron ore sectors. The total value of the 150 companies decreased 8% from the previous month to $257 billion, with declines seen across most sectors except for gold.
PCF Capital Group - Resources Thermometer - April 2017Sam Main
This document is the April 2017 edition of the PCF Resources Thermometer report published by PCF Capital Group. It includes the PCF Group 150 ranking of the top 150 ASX-listed resources companies by market capitalization, excluding oil and gas. It provides snapshots of commodity price performance, the PCF Group 150 valuation changes, liquidity and short positions, and notable transaction activity in March 2017. Major transactions included Barrick Gold and Goldcorp entering a joint venture in Chile and several company acquisitions.
Only a few weeks ago, the A$ zinc price reached a 5-year high. As at Friday close, it jumped to a 7-year high. The copper price jumped also, while official inventories are decreasing again.
Scotia ceo roundtable june 25-2013- final- for scotia 3RoyalGold
Scotiabank hosted a CEO Royalty Roundtable on June 25, 2013. Royal Gold presented at the roundtable, outlining their portfolio of high-quality royalty assets, robust balance sheet, and attractive growth profile. Royal Gold expects to see a 47% increase in gold equivalent ounces from the addition of Mt. Milligan to production, and future growth from both Mt. Milligan and Pascua-Lama entering commercial production in late 2013 and post-2014, respectively. Royal Gold also highlighted their strong financial position, with substantial cash reserves and low debt.
Australian gold mines, analysts argue, have largely become more profitable during the past year on the back of the falling local dollar and a trend for miners to axe costs.
China Gold International Resources provided a presentation on its sustainable growth and reasons for investing. It highlighted its solid strategic investor backing from state-owned China National Gold Group, 11 years of increased production, and investment grade credit rating allowing low cost financing. It summarized its assets including the large Jiama polymetallic mine and CSH gold mine, and recent operational performance and financial results.
The document summarizes Royal Gold's presentation at the 2014 Denver Gold Forum. It highlights Royal Gold's growth driven by ramping up production at Mt. Milligan mine. It also notes Royal Gold's portfolio of long-lived, high-quality assets and significant capital available to pursue new investment opportunities. The document contains cautionary statements about forward-looking production estimates.
Why Glencore’s assets will fail to realize its true valueWalter Hin
Glencore is desperate to sell its assets and vowed to reduce net debt by $10bn. However, who will and at what price?
A look into Glencore's Xstrata acquisition gives us some glimpse of what Glencore's assets are actually worth.
Sage march 2013 investor presentation currentSagegold
Sage Gold's short term plan is to develop the existing resource at their Clavos deposit to generate cash flow through near term production. A Preliminary Economic Assessment shows a robust project with a 71% pre-tax IRR. Existing infrastructure and permits are in place to begin re-opening the Clavos mine in 2013. Sage also has a JV with St Andrew Goldfields providing access to a mill and existing underground development at the Clavos property in the prolific Timmins gold camp of Ontario. The updated NI43-101 shows indicated resources of 194,600 ounces and inferred resources of 120,000 ounces of gold at the Clavos deposit.
Gresham "Group 150" - September 2011Darren Martin
The document provides a ranking of the top 150 ASX-listed resource companies in September 2011 by market capitalization, excluding oil and gas companies. It notes that in August 2011, the total market value of these companies decreased 5.3% from the previous month to $510 billion. The average premium offered in takeover transactions in the resources sector for 2011 has been 33%, down from 37-40% in 2009-2010.
- New Pacific Metals Corp. announced drill results from its 2018 program at its Silver Sand project in Bolivia, with 94 of 98 holes intercepting silver mineralization and an average grade of 83.8 g/t silver.
- The results confirm the company's expectations of a significant silver discovery and support an initial resource estimate by the end of 2019.
- The analyst maintains a Buy rating and CAD$3.00 price target, seeing potential upside as the project advances and additional drilling is completed.
- Newmarket Gold has an exceptional management team with a track record of value creation and significant ownership stakes in the company.
- The company has three producing gold mines in Australia with over 200,000 ounces of annual gold production and strong cash flows.
- Newmarket has discovered three new gold deposits near existing infrastructure and sees potential for further resource expansion and organic growth.
FX Energy has gas production and exploration operations in Poland. In 2012, FX Energy produced 13.1 million cubic feet of gas equivalent per day in Poland. As of December 2012, FX Energy had $243 million in probable reserves located primarily in its Fences concession in Poland. FX Energy plans to drill additional wells in the Fences concession and has permits pending for 10 more wells. Poland provides attractive economics for gas production due to high gas prices, low costs and taxes compared to operations in the United States.
LCC Asia Pacific produces a weekly report on the Australian public companies that operate in the Resources & Energy Sectors.
Each week the LCC Asia Pacific market update covers off on Merger & Acquisition Activity, changes to stock trading prices, general corporate activity and indicative valuations
The report also details both key Australian Stock Exchange announcements that are made in relation to contractual wins or key developments as well as outlining strategic activity that has taken place in the Sector
In addition to public domain, this report is uploaded weekly to a variety of international investment banking platforms, including Bloomberg, Thomson Reuters Eikon, S & P and FACTSET
LCC Asia Pacific also provides a number of other public resources, including the Twitter Feed @MergerNews (www.twitter.com/MergerNews) which tracks all Merger & Acquisition announcements made on the Australian Stock Exchange and the Twitter Feed @ChinaBeltRoad (www.twitter.com/ChinaBeltRoad) which tracks relevant news stories and research reports relating to China’s “One Belt, One Road” initiative where LCC Asia Pacific is building out a strategic advisory practice to assist companies in becoming involved with BRI
The document provides an overview of North American Palladium's Lac des Iles palladium mine in Ontario, Canada. It discusses the constrained global palladium supply outlook and growing demand drivers. NAP's Lac des Iles mine is a world-class asset with significant exploration potential and excess processing capacity. The mine is forecast to increase production to over 200,000 ounces of palladium per year while lowering costs, leveraging existing infrastructure. Drilling programs aim to expand reserves and resources in high priority areas of the mine.
18 03-26 april presentation final (for web & print)silverwheaton2016
The document discusses Wheaton Precious Metals, a streaming company that provides upfront capital to mining companies in exchange for silver and gold production. It notes the benefits of streaming to mining companies, including being non-dilutive, improving project returns, and allowing mining companies to retain operational control. The document also discusses Wheaton's high-quality asset portfolio, low costs, production growth outlook, and initiatives to support communities near partner mines through its CSR program.
- Bluestone Resources Inc. is focused on developing its Cerro Blanco gold project and Mita Geothermal project in Guatemala.
- A feasibility study for the Cerro Blanco project outlines average annual gold production of 113,000oz over 8 years at an AISC of $579/oz and after-tax NPV of $241M.
- The analyst maintains a speculative buy rating and price target of C$3.00 based on a valuation of $380M for Cerro Blanco plus other assets. Near-term catalysts include resource updates and a production decision in 2019.
China Gold International Resources provides a presentation on its sustainable growth strategy. It highlights its solid strategic investor backing from China National Gold Group, its investment grade credit rating, ability to raise sizable low-cost financing, and track record of increasing production. It summarizes its key assets including the Jiama and CSH mines and provides production statistics and reserve estimates. It outlines its goals of pursuing accretive acquisitions and expanding existing mines through continued exploration.
Piedmont Lithium Ltd. (Nasdaq: PLL; ASX: PLL) holds a 100% interest in the Piedmont Lithium Project (“Project”) located within the world-class Carolina Tin-Spodumene Belt (“TSB”) and along trend to the Hallman Beam and Kings Mountain mines, historically providing most of the western world’s lithium between the 1950s and the 1980s. The TSB has been described as one of the largest lithium provinces in the world and is located approximately 25 miles west of Charlotte, North Carolina. It is a premier location for development of an integrated lithium business based on its favorable geology, proven metallurgy and easy access to infrastructure, power, R&D centers for lithium and battery storage, major high-tech population centers and downstream lithium processing facilities.
The corporate presentation provides an overview of Zargon Oil & Gas Ltd., including highlights such as its market capitalization, annualized dividend yield, reserve estimates, and production weighting. It summarizes Zargon's focused oil exploitation strategy, recent convertible debenture offering, and production guidance. Key aspects of Zargon's business plan involve increasing oil recovery through projects like waterfloods and ASP tertiary recovery, as well as executing on its identified oil exploitation opportunities.
The document is the March 2011 edition of the "Group 150", which ranks the top 150 ASX-listed resource companies by market capitalization, excluding oil and gas companies. It notes that in February, the cumulative market value of the Group 150 increased 2.8% to $605.4 billion. Mining companies focused on gold, iron ore, and copper were seen as preferred commodities. The biggest gainers in February were Cobar (+76.4%), Atlas Iron (+72.5%), South Boulder (+72.1%), Papillon (+61.1%) and Carabella (+48.9%). The document also examines gearing levels among the Group 150 companies.
The document provides an analysis and recommendation on energy company Peyto (TSX:PEY). Key points:
- The analyst initiates coverage with a BUY rating and C$34.95 target price, representing 23% upside from the current C$28.40 share price.
- Peyto has the lowest cost structure in the industry and a counter-cyclical approach that positions it well to outperform peers in the current bearish natural gas environment.
- Catalysts for outperformance include a strong management team, low cost operations, resource growth potential through its large undrilled inventory, and a counter-cyclical business strategy of increasing production during low commodity prices.
Sage Gold's short term plan is to develop its Clavos deposit into production to generate cash flow for further exploration and development. The Clavos deposit is located in the prolific Timmins gold camp near existing infrastructure. A preliminary economic assessment estimates the project could have strong economics, including a 71% pre-tax IRR at a gold price of $1500/oz. Near term plans are to dewater the mine, upgrade resources to reserves, and begin initial tonnage extraction in 2013-2014 with commercial production targeted for 2015.
The document discusses the company's forward-looking estimates and plans for growing gold production, reserves, and cash flow over the next few years. It estimates increasing gold production from 1.13-1.23 million ounces in 2011 to 1.5 million ounces by 2014 through projects like expanding existing mines. It also estimates growing gold reserves to 20-21 million ounces by the end of 2010 and 21-22 million ounces by the end of 2011. The company aims to be a low-cost leader with total cash costs below industry averages.
Moneta Porcupine is acquiring all outstanding shares of Northern Gold, which owns the Garrison Project, to create one of the largest undeveloped gold projects in Canada. The combined projects will have over 8 million ounces of gold resources across 26,345 hectares in the prolific Timmins gold camp. The transaction will result in operational and development synergies, expanded exploration potential, and access to greater funding. O3 Mining will become a major shareholder of Moneta Porcupine and support the combined entity through board representation.
The document provides an overview of Sage Gold Inc., a mining company with gold and copper-silver-gold projects in Ontario, Canada. Sage Gold plans to develop its existing Clavos gold and Lynx copper-silver-gold resources to generate near-term cash flow. The Clavos project has permits to reopen the mine and has indicated resources of over 1.2 million tonnes at 4.81 g/t gold. A preliminary economic assessment on Clavos shows potential for positive economics. Sage Gold aims to increase resources at both projects through continued drilling and advance the projects to production.
This document provides a summary of the June 2010 edition of 'Group 150', which ranks the top 150 ASX listed resource companies by market capitalization, excluding oil and gas. It finds that the average value of companies with domestic projects fell 12.2% in May, compared to a 0.9% decline for international firms, reflecting the new Resource Super Profits Tax negatively impacting domestic miners by increasing their costs. It also discusses industry concerns around the tax and the potential for capital to be directed elsewhere if the tax damages competitiveness.
This document provides financial and operational information for Royal Dutch Shell for 2007. It summarizes that Shell had record income of $31.9 billion for 2007, a 21.3% increase over 2006. Revenue also increased 11.6% over 2006 to $355.8 billion. Exploration & Production earnings were $14.7 billion, up slightly from 2006. Gas & Power earnings increased 6% to $2.8 billion. Earnings from Oil Sands, Oil Products and Chemicals combined were $13.1 billion, significantly higher than 2006. The document outlines Shell's strategy and progress on major projects in areas such as liquefied natural gas, oil sands, and biofuels.
Many inventors have created unusual inventions to solve problems in unique ways. Some inventions include a bicycle helmet that holds an umbrella, a device that lets you charge your phone by spinning a crank, and a sleeping bag with an inflatable pillow and blanket. These inventions show human creativity in developing new ideas.
Sage march 2013 investor presentation currentSagegold
Sage Gold's short term plan is to develop the existing resource at their Clavos deposit to generate cash flow through near term production. A Preliminary Economic Assessment shows a robust project with a 71% pre-tax IRR. Existing infrastructure and permits are in place to begin re-opening the Clavos mine in 2013. Sage also has a JV with St Andrew Goldfields providing access to a mill and existing underground development at the Clavos property in the prolific Timmins gold camp of Ontario. The updated NI43-101 shows indicated resources of 194,600 ounces and inferred resources of 120,000 ounces of gold at the Clavos deposit.
Gresham "Group 150" - September 2011Darren Martin
The document provides a ranking of the top 150 ASX-listed resource companies in September 2011 by market capitalization, excluding oil and gas companies. It notes that in August 2011, the total market value of these companies decreased 5.3% from the previous month to $510 billion. The average premium offered in takeover transactions in the resources sector for 2011 has been 33%, down from 37-40% in 2009-2010.
- New Pacific Metals Corp. announced drill results from its 2018 program at its Silver Sand project in Bolivia, with 94 of 98 holes intercepting silver mineralization and an average grade of 83.8 g/t silver.
- The results confirm the company's expectations of a significant silver discovery and support an initial resource estimate by the end of 2019.
- The analyst maintains a Buy rating and CAD$3.00 price target, seeing potential upside as the project advances and additional drilling is completed.
- Newmarket Gold has an exceptional management team with a track record of value creation and significant ownership stakes in the company.
- The company has three producing gold mines in Australia with over 200,000 ounces of annual gold production and strong cash flows.
- Newmarket has discovered three new gold deposits near existing infrastructure and sees potential for further resource expansion and organic growth.
FX Energy has gas production and exploration operations in Poland. In 2012, FX Energy produced 13.1 million cubic feet of gas equivalent per day in Poland. As of December 2012, FX Energy had $243 million in probable reserves located primarily in its Fences concession in Poland. FX Energy plans to drill additional wells in the Fences concession and has permits pending for 10 more wells. Poland provides attractive economics for gas production due to high gas prices, low costs and taxes compared to operations in the United States.
LCC Asia Pacific produces a weekly report on the Australian public companies that operate in the Resources & Energy Sectors.
Each week the LCC Asia Pacific market update covers off on Merger & Acquisition Activity, changes to stock trading prices, general corporate activity and indicative valuations
The report also details both key Australian Stock Exchange announcements that are made in relation to contractual wins or key developments as well as outlining strategic activity that has taken place in the Sector
In addition to public domain, this report is uploaded weekly to a variety of international investment banking platforms, including Bloomberg, Thomson Reuters Eikon, S & P and FACTSET
LCC Asia Pacific also provides a number of other public resources, including the Twitter Feed @MergerNews (www.twitter.com/MergerNews) which tracks all Merger & Acquisition announcements made on the Australian Stock Exchange and the Twitter Feed @ChinaBeltRoad (www.twitter.com/ChinaBeltRoad) which tracks relevant news stories and research reports relating to China’s “One Belt, One Road” initiative where LCC Asia Pacific is building out a strategic advisory practice to assist companies in becoming involved with BRI
The document provides an overview of North American Palladium's Lac des Iles palladium mine in Ontario, Canada. It discusses the constrained global palladium supply outlook and growing demand drivers. NAP's Lac des Iles mine is a world-class asset with significant exploration potential and excess processing capacity. The mine is forecast to increase production to over 200,000 ounces of palladium per year while lowering costs, leveraging existing infrastructure. Drilling programs aim to expand reserves and resources in high priority areas of the mine.
18 03-26 april presentation final (for web & print)silverwheaton2016
The document discusses Wheaton Precious Metals, a streaming company that provides upfront capital to mining companies in exchange for silver and gold production. It notes the benefits of streaming to mining companies, including being non-dilutive, improving project returns, and allowing mining companies to retain operational control. The document also discusses Wheaton's high-quality asset portfolio, low costs, production growth outlook, and initiatives to support communities near partner mines through its CSR program.
- Bluestone Resources Inc. is focused on developing its Cerro Blanco gold project and Mita Geothermal project in Guatemala.
- A feasibility study for the Cerro Blanco project outlines average annual gold production of 113,000oz over 8 years at an AISC of $579/oz and after-tax NPV of $241M.
- The analyst maintains a speculative buy rating and price target of C$3.00 based on a valuation of $380M for Cerro Blanco plus other assets. Near-term catalysts include resource updates and a production decision in 2019.
China Gold International Resources provides a presentation on its sustainable growth strategy. It highlights its solid strategic investor backing from China National Gold Group, its investment grade credit rating, ability to raise sizable low-cost financing, and track record of increasing production. It summarizes its key assets including the Jiama and CSH mines and provides production statistics and reserve estimates. It outlines its goals of pursuing accretive acquisitions and expanding existing mines through continued exploration.
Piedmont Lithium Ltd. (Nasdaq: PLL; ASX: PLL) holds a 100% interest in the Piedmont Lithium Project (“Project”) located within the world-class Carolina Tin-Spodumene Belt (“TSB”) and along trend to the Hallman Beam and Kings Mountain mines, historically providing most of the western world’s lithium between the 1950s and the 1980s. The TSB has been described as one of the largest lithium provinces in the world and is located approximately 25 miles west of Charlotte, North Carolina. It is a premier location for development of an integrated lithium business based on its favorable geology, proven metallurgy and easy access to infrastructure, power, R&D centers for lithium and battery storage, major high-tech population centers and downstream lithium processing facilities.
The corporate presentation provides an overview of Zargon Oil & Gas Ltd., including highlights such as its market capitalization, annualized dividend yield, reserve estimates, and production weighting. It summarizes Zargon's focused oil exploitation strategy, recent convertible debenture offering, and production guidance. Key aspects of Zargon's business plan involve increasing oil recovery through projects like waterfloods and ASP tertiary recovery, as well as executing on its identified oil exploitation opportunities.
The document is the March 2011 edition of the "Group 150", which ranks the top 150 ASX-listed resource companies by market capitalization, excluding oil and gas companies. It notes that in February, the cumulative market value of the Group 150 increased 2.8% to $605.4 billion. Mining companies focused on gold, iron ore, and copper were seen as preferred commodities. The biggest gainers in February were Cobar (+76.4%), Atlas Iron (+72.5%), South Boulder (+72.1%), Papillon (+61.1%) and Carabella (+48.9%). The document also examines gearing levels among the Group 150 companies.
The document provides an analysis and recommendation on energy company Peyto (TSX:PEY). Key points:
- The analyst initiates coverage with a BUY rating and C$34.95 target price, representing 23% upside from the current C$28.40 share price.
- Peyto has the lowest cost structure in the industry and a counter-cyclical approach that positions it well to outperform peers in the current bearish natural gas environment.
- Catalysts for outperformance include a strong management team, low cost operations, resource growth potential through its large undrilled inventory, and a counter-cyclical business strategy of increasing production during low commodity prices.
Sage Gold's short term plan is to develop its Clavos deposit into production to generate cash flow for further exploration and development. The Clavos deposit is located in the prolific Timmins gold camp near existing infrastructure. A preliminary economic assessment estimates the project could have strong economics, including a 71% pre-tax IRR at a gold price of $1500/oz. Near term plans are to dewater the mine, upgrade resources to reserves, and begin initial tonnage extraction in 2013-2014 with commercial production targeted for 2015.
The document discusses the company's forward-looking estimates and plans for growing gold production, reserves, and cash flow over the next few years. It estimates increasing gold production from 1.13-1.23 million ounces in 2011 to 1.5 million ounces by 2014 through projects like expanding existing mines. It also estimates growing gold reserves to 20-21 million ounces by the end of 2010 and 21-22 million ounces by the end of 2011. The company aims to be a low-cost leader with total cash costs below industry averages.
Moneta Porcupine is acquiring all outstanding shares of Northern Gold, which owns the Garrison Project, to create one of the largest undeveloped gold projects in Canada. The combined projects will have over 8 million ounces of gold resources across 26,345 hectares in the prolific Timmins gold camp. The transaction will result in operational and development synergies, expanded exploration potential, and access to greater funding. O3 Mining will become a major shareholder of Moneta Porcupine and support the combined entity through board representation.
The document provides an overview of Sage Gold Inc., a mining company with gold and copper-silver-gold projects in Ontario, Canada. Sage Gold plans to develop its existing Clavos gold and Lynx copper-silver-gold resources to generate near-term cash flow. The Clavos project has permits to reopen the mine and has indicated resources of over 1.2 million tonnes at 4.81 g/t gold. A preliminary economic assessment on Clavos shows potential for positive economics. Sage Gold aims to increase resources at both projects through continued drilling and advance the projects to production.
This document provides a summary of the June 2010 edition of 'Group 150', which ranks the top 150 ASX listed resource companies by market capitalization, excluding oil and gas. It finds that the average value of companies with domestic projects fell 12.2% in May, compared to a 0.9% decline for international firms, reflecting the new Resource Super Profits Tax negatively impacting domestic miners by increasing their costs. It also discusses industry concerns around the tax and the potential for capital to be directed elsewhere if the tax damages competitiveness.
This document provides financial and operational information for Royal Dutch Shell for 2007. It summarizes that Shell had record income of $31.9 billion for 2007, a 21.3% increase over 2006. Revenue also increased 11.6% over 2006 to $355.8 billion. Exploration & Production earnings were $14.7 billion, up slightly from 2006. Gas & Power earnings increased 6% to $2.8 billion. Earnings from Oil Sands, Oil Products and Chemicals combined were $13.1 billion, significantly higher than 2006. The document outlines Shell's strategy and progress on major projects in areas such as liquefied natural gas, oil sands, and biofuels.
Many inventors have created unusual inventions to solve problems in unique ways. Some inventions include a bicycle helmet that holds an umbrella, a device that lets you charge your phone by spinning a crank, and a sleeping bag with an inflatable pillow and blanket. These inventions show human creativity in developing new ideas.
This document provides information for pilots arriving at and departing from Esenboga Airport (LTAC) in Ankara, Turkey. It includes details on ATIS frequencies, low visibility procedures, surface movement guidance, parking information, CAT II/III operations, and start-up procedures. It also contains summaries and waypoint information for several Standard Terminal Arrival Routes into each runway.
The document discusses three types of employees: engaged employees who love their job and perform exceptionally well; compliant employees who do the minimum required but have passion outside of work; and subversive employees who actively undermine the work of others. While engaged employees make up 20% of the workforce globally and compliant employees make up 60%, more companies are seeing an increase in subversive employees. To address this, the document recommends praising employees with genuine and immediate feedback, empowering them by trusting them and letting them lead, and inspiring them by creating a greater purpose and illustrating their future. Taking these steps can turn more compliant employees into engaged employees and encourage subversive employees to leave.
The document is an interactive homeownership calculator from Ginnie Mae that allows users to compare the costs of buying vs renting a home. It provides three examples of calculations with different input values. Even with less than ideal scenarios like only staying 3 years with 0% home appreciation, buying still makes financial sense compared to renting due to tax savings and equity earned over time. The calculator shows that in most housing market conditions, buying a home is likely to provide greater long term savings than continually renting a property.
Assessment of Economic Development Opportunities for Afro-Latin Communities i...Wayne Dunn
This document is a final report submitted to the Inter-American Development Bank (IDB) in December 2002 assessing economic development opportunities for Afro-Latin and indigenous communities on Nicaragua's Atlantic Coast. It identifies 6 pilot communities and develops 13 project prototypes focused on agricultural rehabilitation, agroforestry, fishing and agricultural processing. It also analyzes lessons from past interventions to inform the projects. The report finds that community-led agriculture and fishing present viable opportunities and proposes prototypes to strengthen related skills, infrastructure, organizations and markets.
The document lists various grocery items and other common household objects including different types of milk, bread, fruit, office supplies, food items like ramen and spices, stationery, technology and books. It appears to be a random listing of common nouns without additional context.
BA Netapp Event - Always there IT InfrastructuurB.A.
Presentatie van Jan Guldentops ( j@ba.be ) gegeven 15 september 2011 in het Provinciehuis Vlaams-Brabant.
Het bevat een hele samenvatting over hoe wij IT-infrastructuur met een hoge beschikbaarheid bouwen ( Always there IT infrastructure)
Growing up in Bucharest, Romania, the author recalls their family and childhood with fondness. They attribute their happy upbringing to the support and love of their family. The short document expresses gratitude for the role family played in providing a joyful childhood.
Ports For Future Offshore Wind-Event Brochuregm330
This document advertises an upcoming conference on offshore wind port strategies and logistics for larger wind projects with bigger turbines. The conference will discuss port suitability, ground and portside transport needs, whether to use a single hub port or multiple ports, and how new turbine and foundation designs will affect port infrastructure. Experts from various offshore wind companies will discuss topics like assessing port facilities, mooring conditions, supply chain planning, component handling, and long-term operations and maintenance needs. The conference aims to provide insights on meeting the logistical challenges of installing and servicing larger, more complex offshore wind projects.
This document summarizes a research study that used an artificial neural network to forecast monthly oil palm yields based on weather variables. The study developed a feed forward neural network model with backpropagation learning. It analyzed data from 2005-2009 that included yield and weather variables like rainfall, temperature, and humidity. The best performing model included 60 input neurons, 5 hidden layers, and 1 output neuron. This model achieved a mean absolute error of 0.5346 and mean squared error of 0.4707 in testing, demonstrating the potential of neural networks for oil palm yield forecasting based on weather factors.
Dokumen tersebut membahas tentang interaksi manusia dan komputer, yang merupakan ilmu tentang perencanaan dan desain interaksi antara manusia dan komputer agar kebutuhan manusia terpenuhi secara efektif. Dokumen tersebut juga membahas tujuan belajar interaksi manusia dan komputer, faktor-faktor usability, antarmuka pengguna, dan bidang-bidang terkait.
This document provides information about AXTAL GmbH & Co. KG, a privately owned company founded in 2003 that focuses on developing, prototyping, testing, and manufacturing frequency control products, namely oscillators. The company was founded by Bernd Neubig, who has extensive experience in the frequency control industry. AXTAL operates facilities in Mosbach, Germany and provides consulting services through its AXTAL CONSULTING division. It serves markets like RF and microwave, military, avionics and offers products like oscillators, which it rigorously tests and qualifies.
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100-per-cent-owned Cerro Blanco gold and Mita geothermal projects located in Guatemala. A feasibility study on Cerro Blanco returned robust economics with a quick payback. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration.
This document provides an overview of Richmont Mines Inc., including its asset base in Canada, growing production profile, decreasing cost structure, and significant exploration potential. It highlights the company's solid financial performance in the first three quarters of 2015, with gold production of 75,651 ounces at a cash cost of $961 per ounce. The document also summarizes key details of Richmont's Island Gold, Beaufor, and Monique mines and Camflo mill, and provides an overview of a preliminary economic assessment that outlines the potential to expand the Island Gold mine.
This document provides an overview of Richmont Mines Inc., a Canadian gold mining company. It discusses Richmont's asset base in Canada including its Island Gold, Beaufor, and Monique mines. The document highlights Richmont's growing production profile, decreasing cost structure, and significant exploration potential. It also summarizes a preliminary economic assessment for expanding the Island Gold mine which could increase production and lower costs.
This document provides an overview of Richmont Mines Inc., including:
- Forward-looking statements about factors that could impact results and risks to US investors regarding resource estimates.
- Richmont has a quality asset base in Canada with growing production and decreasing costs, significant exploration potential, and a strong balance sheet.
- The Island Gold mine is on track for a record year of production and declining costs, and a PEA outlines plans to expand through deeper mining.
- The Beaufor and Monique mines along with the Camflo mill also contribute to Richmont's production.
Richmont Mines London Marketing PresentationRichmontIR
This document provides an overview of Richmont Mines Inc., including:
- Forward-looking statements about factors that could impact results and risks to US investors regarding resource estimates.
- Key details about Richmont's asset base, production profile, cost structure, exploration potential, and financial position.
- Summaries of its three main operations - Island Gold, Beaufor, and Monique/Camflo - including recent performance, growth plans, and exploration activities.
Vista gold announces updated mt todd preliminary feasibility study showing st...Chris Helweg
Vista Gold Announces Updated Mt Todd Preliminary Feasibility Study Showing Strong Returns At US$1300 Gold Price
Vista Gold Corp. ("Vista" or the "Company") (NYSE American and TSX: VGZ) today announced the positive results of an updated preliminary feasibility study (the "PFS") for its Mt Todd gold project ("Mt Todd" or the "Project") in Northern Territory, Australia. The PFS is based on the results of a comprehensive review of all aspects of the Project and the re-design of elements of the process flow sheet, incorporating automated sorting and grinding circuit design changes in a 50,000 tonne per day ("tpd") project. The process improvement efforts have resulted in reduced operating costs, increased gold recovery and higher gold production at Mt Todd. Management of Vista believes that the design changes have allowed Vista to achieve a significant improvement in the Project's economics at the current gold price. The PFS was authored by Tetra Tech Inc. with Mine Development Associates, Resource Development Inc., Proteus EPCM Engineers (a Tetra Tech Company), and POWER Engineers, Inc. Unless otherwise specified, all $ amounts in this press release are expressed in US$.
- Richmont Mines operates the high-grade Island Gold mine and Beaufor mine in Canada. In 2015, reserves increased 187% to 625,550 ounces of gold, with mine lives extended.
- At Island Gold, reserves grew 206% to 561,700 ounces with an average grade of 8.26 g/t and mine life of 7 years. A preliminary economic assessment outlines expansion potential.
- Beaufor reserves increased 95% to 63,850 ounces with a mine life over 2 years. Exploration continues to target additional resources at both mines.
- Richmont Mines operates the high-grade Island Gold mine and Beaufor mine in Canada. In 2015, reserves increased 187% to 625,550 ounces of gold, with mine lives extended.
- At Island Gold, reserves grew 206% to 561,700 ounces with an average grade of 8.26 g/t and mine life of 7 years. A preliminary economic assessment outlines expansion potential.
- Beaufor reserves increased 95% to 63,850 ounces with a mine life over 2 years. Exploration continues to target additional resources at both mines.
- Richmont has a strong balance sheet, low shares outstanding, and is well positioned for sustainable production and cost profile improvements in 2016 and beyond.
- Richmont Mines is positioned for sustainable growth with a quality asset base in Canada including its Island Gold and Beaufor mines. In 2015, mineral reserves increased 187% to over 625,000 ounces of gold.
- Production is expected to grow while costs decrease. Island Gold mine life was increased to 7 years with exploration potential to expand resources.
- The company has a strong balance sheet with $61 million in cash and low debt to fund growth from expanding production and reducing costs at Island Gold and Beaufor.
- Richmont Mines is positioned for sustainable growth with a quality asset base in Canada including its Island Gold and Beaufor mines. In 2015, mineral reserves increased 187% to over 625,000 ounces of gold.
- Production is expected to grow while costs decrease. Island Gold mine life has increased to 7 years with exploration potential to expand resources.
- The company has a strong balance sheet with $61 million in cash and low debt to fund its strategic growth plan while benefiting from Canadian dollar exposure.
Richmont Mines is positioned for sustainable growth with a quality asset base in Canada. Their reserves increased 187% in 2015, extending the mine life at Island Gold to 7 years and Beaufor to over 2 years. At Island Gold, they plan to increase production to 78,000 ounces annually from 2017-2022 at lower costs through expansion and exploration. Richmont has a strong balance sheet, low shares outstanding, and exposure to the favorable Canadian dollar to support their strategic growth plan through increasing production and cash flow.
Richmont Mines is positioned for sustainable growth with a quality asset base in Canada. Their reserves increased 187% in 2015, extending the mine life at Island Gold to 7 years and Beaufor to over 2 years. At Island Gold, they plan to increase production to 78,000 ounces annually from 2017-2022 at lower costs through expansion and exploration. Richmont has a strong balance sheet, low shares outstanding, and exposure to the favorable Canadian dollar to support their strategic growth plan through increasing production and cash flow.
Pi financial - Bluestone Resources ReportMomentumPR
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100-per-cent-owned Cerro Blanco gold and Mita geothermal projects located in Guatemala. A feasibility study on Cerro Blanco returned robust economics with a quick payback. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration.
Lake Shore Gold Corp. is a low-cost Canadian gold producer that is meeting or beating its key operating targets in 2014. It is generating free cash flow and building financial strength from its two producing mines in the Timmins gold camp in Ontario. Lake Shore Gold is poised for continued production growth and has a favourable risk profile due to its location in the prolific Timmins gold region. The company presents an attractive investment opportunity with potential for increased valuation.
Lake Shore Gold Corp. is a low-cost Canadian gold producer that is meeting and beating key operating targets in 2014. The company is generating free cash flow through low-cost production at its two operating mines, Timmins West and Bell Creek, and is poised for continued growth from its highly leveraged portfolio of exploration and development projects in the Timmins gold camp. Lake Shore Gold presents an attractive investment opportunity with valuation upside given its strong cost performance, growing production profile, and organic growth potential.
The Santa Rosa Gold Project is a fully permitted gold mine under construction in Colombia. It includes the San Ramon deposit with reserves of 405,000 ounces of gold at 5.2 g/t. The project is fully funded with an initial production target of 70,000 ounces per year. Key shareholders include Liberty Mining & Metals, Stracon GyM, and Orion Mine Finance. Construction has commenced and the project is on track to begin production in 2016.
The document provides information about Lake Shore Gold Corp., including:
1) Lake Shore Gold had record gold production of 185,600 ounces in 2014, exceeding guidance of 160,000-180,000 ounces.
2) The company achieved low unit costs in 2014, with total cash costs of US$595/oz and all-in sustaining costs of US$875/oz, better than guidance.
3) The company increased its cash position from $34 million to $60 million in 2014 through free cash flow, while also repaying $45 million in debt.
Richmont Mines owns the Island Gold mine in Ontario, Canada. Exploration drilling at Island Gold has highlighted the potential for further mineral resources and reserves at depth. Infrastructure development has advanced with the main ramp extending to 660 meters and a secondary eastern ramp to 470 meters. Based on drilling results, estimated mineral reserves were established below 400 meters depth containing over 90,000 ounces of gold. The mine produced over 10,000 ounces of gold in the first quarter of 2015 and is forecast to produce between 45,000 to 50,000 ounces for the full year.
Richmont Mines provides a summary of its Island Gold Mine, including highlights from 2014 and plans for 2015. In 2014, exploration drilling indicated potential to extend the mine at depth and infrastructure development advanced significantly. Estimated reserves were also established below -400 meters. For 2015, Richmont plans a significant $48 million investment at Island Gold, including $29 million for project and exploration costs, to transform the mine into a long-life, high-production, low-cost operation.
- The document discusses the Santa Rosa Gold Project located in Colombia. It provides an overview of the project including reserves, economics from a 2014 feasibility study, cost structure, progress towards production, and comparisons to other operating mines.
- The feasibility study showed strong economics with an IRR of 32-53% depending on gold price and payback of 1.3-1.7 years. Cash costs are estimated to be $596/ounce.
- The project is fully permitted and funded, with construction underway and initial production expected in 2016. It has the potential for near-mine exploration success and production expansion.
- Red Eagle Mining has a solid shareholder base and is poised to become the first modern
Similar to Almaden Minerals Limited - Cormark Securities (20)
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
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The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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1. Tyron Breytenbach, P.Geo, (416) 943-6747
tbreytenbach@cormark.com
MORNING MEETING NOTES
APRIL 21, 2014
Our disclosure statements are located on the second last page of this report
Recommendation: Buy (S)
Target Price: C$2.80
Almaden Minerals Ltd. (AMM-TSX)
Produces Positive PEA Just Four Years Since
Discovery
Current Price C$1.49 Shares Outstanding (MM)
52 Wk High C$2.34 Basic
52 Wk Low C$1.08 Diluted
Cash (MM) C$15.0 Mngt. & Dir.
Total Debt (MM) $0.0 Market Cap.
NAVPS C$3.30 Float
Price/NAV 0.45x EV
Dividend $0.00 Reserves
Dividend Yield 0.0% Total Resource
EV/oz AuEq 19
C$96.1
4.3 MMoz
C$81.1
0.0 MMoz
64.5
75.0
4.8
C$88.9
Unless otherwise denoted, all figures shown in US$
Investment Thesis:
Almaden is Canadian based explorer and project generator currently focused
on its flagship Ixtaca asset (4.25 MMoz AuEq) in Eastern Mexico. The
company boasts a tight share structure and remains well capitalized from
proceeds generated by the sale or option of its stable of projects in North
America (Mexico, the US and Canada).
Highlights:
• Ixtaca PEA Outlines Large Open-Pit; Profitable At Lower Metal Prices
The maiden PEA demonstrates a sizable producer (260 Koz AuEq) that works
at spot metal prices (20% after-tax IRR) and remains profitable at our lower
price forecast (17% after-tax IRR at $1,200/oz Au and $20/oz Ag). The four-
year payback is attractive when compared to assets of similar size (3.15 Moz
AuEq recovered LOM).
• Doré Production Increases Capex; Royalty Sale Provides Financing
Alternatives
The study outlined production of an Au/Ag doré bar vs. our model that
assumed a concentrate as the final product. Capex is therefore elevated to
$500 MM (from our $320 MM estimate), but is partially offset by the elimination
of the ~12% processing fee. As an unburdened resource, the sale of a stream
or royalty provides optionality in accessing pre-production capital.
• Maintaining Buy (S) Rating, Increasing Target To C$2.80 (From C$2.60)
We lower our discount rate to 5% (from 8%) to account for the newly
completed study and reduced modelling risk which has us increasing our
target to C$2.80 from C$2.60.
Company Description:
Almaden employs the project generator model to stake
early stage ground for exploration and apply its experience
and proprietary database in making new discoveries. The
company holds a portfolio of active projects, JVs and
NSRs. It is currently focused on completing a PFS for its
100%-owned 4.25 MMoz Ixtaca discovery in Eastern
Mexico.
Source: BigCharts.com, April 17, 2014 (Chart C$)
2. Tyron Breytenbach, P.Geo, (416) 943-6747
tbreytenbach@cormark.com
MORNING MEETING NOTES
APRIL 21, 2014
Our disclosure statements are located on the second last page of this report
Maiden PEA Confirms Large, Royalty Free Asset With Robust Economics: The most significant
change from our original assumption is the decision to produce a doré bar vs. concentrate and use a
larger throughput rate. These changes have increased our pre-production capital estimate to $500 MM
(from $320 MM) but also allow Almaden to recapture the smelting charge. The project generates a robust
return at even our lower metal price assumptions (17% after-tax IRR at $1,200/oz Au & $20/oz Ag) and a
solid ~20% after-tax IRR at spot gold prices. Key economic drivers are:
Low Strip Ratio: The waste rock (volcanic ash/tuff) has a much lower density than the host rock and
combined with the favorable geometry of the ore body translates into strip ratios of just 2:1.
Low Cost Jurisdiction: Mexico is well established as a mining-friendly jurisdiction with producers in the
region able to demonstrate some of the lowest unit-mining costs in the industry. A decent pool of
experienced labor and suppliers is also available. The PEA contractor mining rate of $1.81/t matches
other producers in the region (e.g. Timmins Gold, TMM-T, Market Perform rating, C$1.85 target, covered
by Kyle McPhee).
Robust Recovery: The metallurgy of Ixtaca suggests a clean concentrate without the Lb-Zn values
typical seen in most Mexican Ag ores. The company reports that even lower grade silver samples (~15 g/t
Ag) recover well. The PEA has defined an improved (90%) recovery rate for both metals following ongoing
testing as part of the design work.
No Third-Party Line Royalty: As an in-house and “organic” discovery, Ixtaca is unburdened by any third-
party top-line royalties, drastically improving economics.
Our full list of assumptions is detailed below and we have updated our model following the PEA release.
Figure 1: PEA Results & Assumptions
CSI old PEA CSI new
Long Term Gold Price ($) $1,200 $1,320 $1,200
Long Term Silver Price ($) $20 $21 $20
Tonnes Milled (MMt) 115.8 129 129
AuEq Grade (g/t) 1.14 0.80 0.84
Au Grade (g/t) 0.54 0.42 0.42
Ag Grade (g/t) 30.9 25.27 25.27
Total Mine Life (years) 13 12 12
Average Annual Throughput (tpd) 25,000 30,000 30,000
Average Ag Recovery (%) 80% 90% 90%
Average Ag Recovery (%) 78% 90% 90%
O/P Mining Costs ($/t of rock) $1.80 1.81 1.81
Strip Ratio W:O 2.00:1 2.00:1 2.00:1
Processing Costs ($/t of ore) $6.20 $9.00 $9.00
G&A Costs ($/t of ore) $2.00 $2.10 $2.10
Refinery Charge (Including Transport) (% of revenue) 12% 0 0
Average Cash Costs ($/oz AuEq) $651 N/A 717
Average All-in Sustaining Costs ($/oz AuEq) $736 N/A 750
Average Gold Equivalent Production (Koz/yr) 239 260 260
Initial Capital ($ MM) $320 $496 $500
Sustaining Capital ($ MM) $90 $106 $106
Total Captial ($ MM) $410 $602 $606
After-tax NPV5% ($ MM) $414 $437 $307
After-tax IRR (%) 27% 22% 17%
Sources: Company Reports/Cormark Securities
3. Tyron Breytenbach, P.Geo, (416) 943-6747
tbreytenbach@cormark.com
MORNING MEETING NOTES
APRIL 21, 2014
During the past twenty-four months, Cormark Securities Inc., either on its own or as a syndicate member, participated in
the underwriting of securities for these companies
Our disclosure statements are located on the second last page of this report
We Expect An Eventual Sale/Spin-out Of Ixtaca: Given the impressive production profile and safe
jurisdiction, returns are adequate down to gold prices of $1,200/oz in our view. At our conservative metal
price assumptions the after-tax IRR is a moderate 17% though we note that Ixtaca delivers the 4th highest
production rate of the group and we exclude any potential tax rebates and rely solely on the new Mexican
tax regime ($393 MM total tax burden at $1,200/oz Au & $20/oz Ag)
Figure 2: Peer Comparables Sorted By Production Profile
Annual
Production
Company Project NPV IRR NPV IRR
($MM) (%) ($MM) (%) (Koz)
♦ Pretium Resources Brucejack $2,309 54% $3,024 68% 426
Asanko Gold AGM $463 20% $842 31% 325
♦ Sabina Gold & Silver Back River $152 13% $481 27% 300
Almaden Ixtaca $307 17% $658 28% 260
♦ Guyana Goldfields Aurora $601 25% $886 33% 194
♦ Victoria Gold Eagle $232 20% $443 31% 192
Lydian International Amulsar $431 24% $624 30% 186
♦ Belo Sun Volta Grande $188 9% $561 17% 167
Newstrike Capital Ana Paula $166 20% $331 31% 162
♦ Dalradian Curraghinalt $315 42% $45 54% 160
♦ Romarco Haile $750 29% $1,051 36% 126
♦ Probe Mines Borden $244 18% $434 28% 126
♦ Kaminak Gold Corp Coffee $92 14% $236 24% 120
♦ Castle Mountain Castle Mtn $245 26% $404 38% 120
♦ True Gold Mining Karma $190 40% $300 56% 97
♦ Sulliden Gold Shahuindo $219 30% $317 42% 85
Midway Gold Pan $90 25% $157 38% 80
Golden Queen Soledad $176 22% $249 28% 80
♦ Roxgold 55-Zone $140 33% $217 46% 75
♦ West Kirkland Hasbrouck $73 35% $116 50% 65
$1,200/oz Au & $20/oz Ag $1,400/oz Au & $25/oz Ag
Sources: Company Reports/Cormark Securities
We suggest the asset may be of interest to mid-tier producers experienced in Mexico and looking to grow
production significantly. Obvious candidates include Alamos Gold (AGI-T, not rated) and Pan American
(PAA-T, not rated) as both would benefit from a ~260 Koz production boost and have healthy cash balances
(Alamos: $410 MM; Pan American: $423 MM) with minimal to no debt. We also note that the asset would
likely appeal to producers of both gold and silver as revenue is split equally between the two metals.
4. Tyron Breytenbach, P.Geo, (416) 943-6747
tbreytenbach@cormark.com
MORNING MEETING NOTES
APRIL 21, 2014
Our disclosure statements are located on the second last page of this report
Figure 3: FCF Profile At Cormark Financing Assumptions (65% Equity/35% Debt)
-1,200
-800
-400
0
400
800
1,200
-600.0
-400.0
-200.0
0.0
200.0
400.0
600.0
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
Cum.Cash($MM)
($MM)
Capex Debt Issuance ($175 MM)
Equity Issuance ($325 MM) Interest Payment
Debt Repayments Operating Cash Flow (Base Case)
Cash at $1,100/oz Au & $18/oz Ag Cash at $1,300/oz Au & $22/oz Ag
Cash at $1,200/oz Au & $20/oz Ag
Source: Cormark Securities
Valuation: Our Ixtaca model now demonstrates an NPV5% of $307 MM after updating our project scope
to match the higher throughput rates (30,000 tpd) and flow sheet as laid out in the PEA. We have also
switched to a 5% discount rate (previously 8%) to reflect the reduced risk stemming from a published PEA
and a resource that is largely (83%) within the higher confidence M&I categories. We maintain our 0.85x
NAV multiple but update our dilution assumptions to assume the project is now financed at a 65/35%
equity to debt split and that the equity is issued at the current share price.
Figure 4: Valuation Summary
$MM $/Share
Assets
Ixtaca NPV5% 306.55 4.09
Caballo Blanco NSR Present Value (7.5%) 8.72 0.12
Remaining Exploration Ground 10.00 0.13
Remaining NSR Portfolio 0.24 0
Corporate Adjustments
Cash 15.00 0.20
Pro Forma Cash 325.00
Cash from Warrants/Options 13.13 0.18
Net Asset Value 678.62 3.14
Net Asset Value (C$) C$3.30
Basic S/O 64.49
Options and Warrants Outstanding 10.48
Fully Diluted S/O 74.97
Fully Diluted & Financed S/O 215.80
Current Almaden Share Price ($/sh) C$1.49
Price/NAV 0.45x
Source: Cormark Securities
5. Tyron Breytenbach, P.Geo, (416) 943-6747
tbreytenbach@cormark.com
MORNING MEETING NOTES
APRIL 21, 2014
Our disclosure statements are located on the second last page of this report
Upcoming Catalysts:
• Drill Results: With $15 MM in cash and equivalents, we expect continuous news flow from the large
epithermal gold system at Tuligtic - Ongoing
• Potential Asset Sale/Option: Almaden has a successful track record of monetizing its discoveries; we
would not be surprised to see a deal that includes Ixtaca or any of the 12 other earlier stage projects.
Almaden could then focus on leveraging its proprietary geological database to uncover further
economic projects and repeat the success - Ongoing
Maintain Buy (S) Recommendation, Increase Target To C$2.80: Almaden’s Ixtaca has evolved into a
sizable and robust asset that we expect is monetized to allow the company to focus on what it does best,
creating value with the drill bit. Our new valuation methodology has us increasing our target to C$2.80
(from C$2.60) and continues to be based on conservative metal pricing and 0.85x NAV multiple.
I, Tyron Breytenbach, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject
company(ies) and its (their) securities. I also certify that I have not been, and will not be receiving direct or indirect compensation in exchange for
expressing the specific recommendation(s) in this report.
8. MORNING MEETING NOTES
APRIL 21, 2014
RECOMMENDATION TERMINOLOGY
Cormark’s recommendation terminology is as follows:
Top Pick our best investment ideas, the greatest potential value appreciation
Buy expected to outperform its peer group
Market Perform expected to perform with its peer group
Reduce expected to underperform its peer group
Our ratings may be followed by "(S)" which denotes that the investment is speculative and has a higher degree of risk associated with it.
Additionally, our target prices are set based on a 12-month investment horizon.
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