Comparative Valuations of Gold Exploration and Development Stocks

Explanation and Disclaimers: The list of stocks is sorted by the leverage calculation, from lowest to highest. The Leverage calculation is the total value of the gold resources divided by the market cap. It’s one measure of what you get compared to what you are paying. You tend to get more of what you are paying for, with a higher Leverage calculation. So the best stocks according to the leverage calculation are listed last.

The market cap (MC) is the shares issued and outstanding, multipled by the share price in USD. It is a value of the company. I am not calculating based on warrants and options issued which is called the fully diluted share number.

The Leverage calculation is only a preliminary way to value a gold exploration company. Ultimately, profits tend to drive stock prices.

The Leverage calculation does not take into account whether the resources are economic to mine or not. Nor does it take into account the Capex, which is the cost to build a mine. Resources are generally determined to be economic at the point of a full feasibility study, at which point “measured and indicated” resources are upgraded into “proven and probable” resources. Higher grade resources tend to be more likely to be economic, but not always. “g/t” stands for “grams per metric tonne”, also known as parts per million.

Other methods to value gold companies are based on the cost of production, the number of gold ounces produced, the life of the mine, actual realized profits, etc.

Mining may suffer from many difficulties: In ground resources may have been overestimated. The gold price can drop. The gold price can go up and cause hedging losses if a company pre sold gold ounces to finance the mine. There can be worker strikes, nationalizations, revolutions, revolt, war. There can be natural disasters, man made disasters, mine cave ins, pit wall collapses.

If you buy stock based on an internet tip, you have to be aware of the possibility of a pump and dump fraud. https://www.sec.gov/fast-answers/answerspumpdumphtm.html Warning, do not defame me by falsely accusing me of pump and dump, as such could expose you to a defamation for libel and slander lawsuit. Pump and dump consists of lies, as the SEC warns ““Pump-and-dump” schemes involve the touting of a company’s stock (typically small, so-called “microcap” companies) through false and misleading statements to the marketplace.” In contrast, I’ve done what I can to verify that all this information is true and correct to the best of my ability, including providing the links to company pages where you can verify the information. I do not guarantee that the company is not lying to us all.

These calculations are reasonably accurate as of 8-1-2019. Many things may change these valuations. Stock prices may have already moved. Companies can issue more shares. Companies may find more resources. The gold price may change. I may have made errors. Therefore, do your own research and due diligence to confirm.

Victoria Gold Corp, VIT.V
$264 million MC
Resources of 2.6 million oz. of gold at 0.7g/t.
2.6 million oz. x $1400 gold = $3640 million
Leverage: 13.8 Victoria is a near term producer, and could be valued another way: https://revealingfraud.com/2019/07/silver-gold/victoria-gold-corp-forward-p-e-of-2/

http://www.gowestgold.com/
http://www.gowestgold.com/wp/wp-content/uploads/2019/03/Gowest-Fact-Sheet-March-2019-FNL.pdf
388.5 million shares outstanding
https://finance.yahoo.com/quote/GWA.V/
x $.36 share x .76 CDN/USD
=$106 million MC
Bradshaw Gold Deposit (Bradshaw)
Indicated 422,000 oz. gold at 6.19 g/t
Inferred 755,000 oz. gold at 6.47 g/t
Total: 1,177,000 oz. x $1400 = $1647 million
Leverage: 15

https://www.goldsourcemines.com/
https://www.goldsourcemines.com/investors/share_structure/
314 million shares outstanding
https://finance.yahoo.com/quote/gxs.V/
x $.135 share x .76 CDN/USD
=$32 million MC
Eagle Mountain in Guyana p.7:
https://www.goldsourcemines.com/_resources/presentation/Corporate-Presentation.pdf
total indicated & inferred:
380000 oz. gold at 1.3g/t x $1400 = $532 million
Leverage: 16.6

http://puregoldmining.ca/
http://puregoldmining.ca/investors
354 million shares outstanding
https://finance.yahoo.com/quote/PGM.V/
x $.60 share x .76 CDN/USD
=$161 million MC
http://puregoldmining.ca/sites/default/files/uploads/presentation/file_upload/Pure_Gold_Mining_Corporate_Presentation_Aug_2019_v.1.pdf
Madsen Red Lake Mine:
Probable Mineral Reserve of one million ounces at 9 g/t Au
Indicated: 2.1 million + 0.5 inferred = 2.6 million oz. x $1400 = $3640 million
Leverage: 22.6

https://www.aurynresources.com/
https://www.aurynresources.com/investors/share-structure/
95.2 million shares outstanding as of July 11th.
https://finance.yahoo.com/quote/AUG/?p=AUG
x $1.49 share
= $141 million MC
Three Bluffs resources:
1,244,000 oz. gold resources at 7.7 g/t x $1400 = $1741 million
Combined Homestake & South Reef resources:
1,057,000 oz. gold resources at 5 g/t est x $1400 = $1480 million
Total: $3221 million
Leverage: 23

http://www.sabinagoldsilver.com/
http://www.sabinagoldsilver.com/assets/docs/presentations/Corporate%20Presentation%20July%2029%202019.pdf
293 million shares outstanding
https://finance.yahoo.com/quote/sbb.to/
x $1.46 share x .76 CDN/USD
=$325 million MC
Goose Gold Project, Black River, Canada
7.3 million oz. gold at 6g/t x $1400 = $10,220 million
Leverage: 31.4

https://www.marathon-gold.com/
https://www.marathon-gold.com/site/assets/files/4296/2019-04-11-fact_moz.pdf
160 million shares outstanding
https://finance.yahoo.com/quote/MOZ.TO
x $1.24 share x .76 CDN/USD
=$151 million MC
https://www.marathon-gold.com/projects/flagship-project/valentine-lake/project-highlights/
4.2Moz gold resource at 1.8g/t x $1400 = $5880 million
Leverage: 38.9

https://www.rubiconminerals.com/Home/default.aspx
https://s21.q4cdn.com/960886365/files/doc_presentations/2019/April-2019-Fact-Sheet.pdf
70.3 million shares outstanding
https://finance.yahoo.com/quote/RMX.TO?p=RMX.TO
x $.75 share x .76 CDN/USD
=$40 million MC
1,129,000 oz. gold resources at 6.3g/t x $1400 = $1580 million
Leverage: 39.5

http://www.troyres.com.au/
http://www.troyres.com.au/images/presentations/Corporate_Presentation_-_Noosa_Mining_Conference__Final.pdf
592.1 million shares
https://finance.yahoo.com/quote/TRY.AX
$.093 x .68 AUS/USD
=$37 million MC
Karouni Gold Project, Guyana: A Producing mine! 70,000 oz. produced in 2018.
Reserves & Resources: 1,053,000 oz. gold at 2.3g/t x $1400 = $1474 million
Leverage: 40

https://makominingcorp.com/
https://makominingcorp.com/_resources/factsheets/factsheet.pdf
313 million shares outstanding
https://finance.yahoo.com/quote/MKO.V/
x $.115 share x .76 CDN/USD
=$27 million MC
Both In-Pit and Out of Pit at San Albino, Mexico:
Indicated and Inferred
Total: 940,700 oz. gold at 5g/t x $1400 = $1317 million
Leverage: 49

http://www.treasurymetals.com/s/Home.asp
http://www.treasurymetals.com/s/share_info.asp
145 million shares outstanding
https://finance.yahoo.com/quote/tml.to/
x $.37 share x .76 CDN/USD
=$41 million MC
http://www.treasurymetals.com/i/pdf/ppt/2019-06-28-TML-CP.pdf
Goliath Gold Project
1.455 million oz. gold at 2-3g/t x $1400 = $2037 million
Leverage: 50

https://www.guyanagoldstrike.com/
https://www.guyanagoldstrike.com/investors/share-structure
58.4 million shares outstanding
https://finance.yahoo.com/quote/gya.v?ltr=1
x $.15 share x .76 CDN/USD
=$6.6 million MC
https://www.guyanagoldstrike.com/images/presentation/2019/Guyana_Goldstrike_-Marudi_Gold_Project-_Jan_24_2019.pdf
Total indicated and inferred ounces
= 345,300 oz. gold 1.7 g/t x $1400/oz. gold = $483 million.
Leverage: 73

Paid Stock Pick:
Market Cap, $25 million USD.
Project is permitted.
Located in South America.
Project backed by an investor with a net worth of $25 billion.
Resources of 2.4 million oz. of gold at 4g/t.
2.4 million oz. x $1415 gold = $3,400 million
Leverage: 134
For the name of this stock send $44 to:
https://www.paypal.me/JasonHommel

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4 Comments

  1. Jason, I bought some 2 mg copper tablets and my wife and I both took two. She became dizzy and so we went to one in the morning and one in the afternoon. She became more disoriented and later threw up and had diarhea. Maybe you should stick to mining!

    Loy, CU 62

    1. Thank you Loy. I did warn that copper can cause nausea. Also, the title of my article was “High copper –the missing nutrient on the High Iodine Program”. https://revealingfraud.com/2019/07/silver-gold/high-copper-the-missing-nutrient-on-the-high-iodine-program/ Are you both taking iodine and all the co nutrients? Are you taking all the co nutrients on my full list, many of which can deplete copper? Specifically, are you taking zinc and vitamin C, which can lower copper?

    2. Also, my 3rd sentence was “I don’t believe a person would get these results, unless they were already on the high idoine protocol, plus taking a few more key nutrients not on that protocol, such as boron, dmso sulfur, and silica.

  2. took 4 mg copper and kelp which has 225mcg iodine with no problem, its best to eat something with most supplements , I’ve been supplementing for more than 20 years

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