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 Corporate Profile: International Enexco Ltd
    Publisher: Kaiser Research Online
    Author: Copyright 2009 John A Kaiser

 

Intl Enexco Inc (IEC-V)

RSSearchWeb SiteTreeForumSEDARQuoteIPV
International Enexco Limited, led by President and CEO G. Arnold Armstrong, is an exploration company focused on projects in Nevada and the Mann Lake Uranium project in Canada's Athabasca Basin. At Mann Lake Enexco is joint ventured with Cameco and UEM Inc. Enexco also has a 100% interest in the scoping study stage Contact copper-silver project in Elko County that has indicated resources of 1.4 billion copper pounds and 18.8 million silver ounces. In March 2014 Denison Mines Corp announced it intended to offer 0.26 of a Denison share per Enexco share to acquire Enexco, with shareholders receiving a share in a spinout company holding Enexco's Contact copper property, a transaction valued at $17.5 million.

Key to Understanding IPV Charts and Spec Value Hunter Tables
An IPV Chart is a graphical presentation of a Spec Value Hunter table that has been constructed according to the Rational Speculation Model developed by John Kaiser. The IPV Chart allows speculators to identify which projects offer poor, fair or good speculative value in both absolute and relative terms. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted capitalization, stock price and net project interest, and the dream target deemed appropriate for the project. A dream target is what a project would be worth in discounted cash flow terms once in production.
Green background indicates the dream target judged appropriate for this play by John Kaiser - otherwise unranked.
Poor Speculative Value - Fair Speculative Value - Good Speculative Value -
Note: narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits
Click on the company name to view the company profile, the project name to view project details.
Click on the project icon if its background is shaded to get the IPV Chart for that company.
Intl Enexco Project Valuations
CompanyProjectCountryStageIPV $
MM

$100
UPV
$500

$2000
Target MetalsDeposit Style
Key Company Projects
Intl Enexco Inc (IEC-V)ContactUnited StatesPrefeasibility $21 Copper SilverContact Intrusive Related
Intl Enexco Inc (IEC-V)Mann LakeCanadaTarget Drilling $69 UraniumUnconformity
Athabasca Exploration
Alpha Exploration Inc (AEX-V)Hook LakeCanadaGrassroots $2 UraniumUnconformity style
Fission 3.0 Corp (FUU-V)Patterson Lake NorthCanadaDiscovery Delineation $43 UraniumUnconformity
Forum Energy Metals Corp (FMC-V)ClearwaterCanadaDiscovery Delineation $15 UraniumUnconformity style
NexGen Energy Ltd (NXE-T)RadioCanadaTarget Drilling $1,406 UraniumUnconformity style
Uravan Minerals Inc (UVN-V)StewardsonCanadaTarget Drilling $3 UraniumUnconformity style
Advanced Athabasca Projects
Fission Uranium Corp (FCU-T)Patterson Lake SouthCanadaPEA $345 UraniumUnconformity style
Purepoint Uranium Corp (PTU-V)Red WillowCanadaDiscovery Delineation $83 UraniumUnconformity style
UEX Corp (UEX-T)Shea CreekCanadaInfill & Metallurgy $223 UraniumUnconformity Style
Success Stories
Alpha Minerals Inc (AMW-V)Patterson Lake SouthCanadaDiscovery Delineation $341 UraniumUnconformity style
Hathor Exploration Ltd (HAT-T)RoughriderCanadaPEA $654 UraniumUnconformity style
Terra Ventures Inc (TAS-V)Midwest NortheastCanadaInfill & Metallurgy $384 UraniumUnconformity style
Contact100% WIUnited States6-Prefeasibility
Contact 43-101 Economic Study (USD except where noted otherwise)
PFSUOct 1, 2013
Hard Rock ConsultantsContact
Mining ScenarioTRMining Costs
Mining Type:OP
Cost Currency:USD
Processing Type:

Capital Cost:$188,900,000
Operating Rate:36,288 tpd
Sustaining Cost:$142,000,000
Operating Days:365
Operating Cost:$6.26/t
Strip Rate:

BC Cash Cost per Unit: USD$1.69/lb Cu
Mine Life:9 years
BC Cash Cost Net By-Products: USD$1.69/lb Cu
LOM Tonnage:128,000,477 t
BC All-In Cost Net By-Prod: USD$2.40/lb Cu
Est Startup:

Spot All-In Cost Net By-Prod: USD$2.40/lb Cu
Production Potential

Metal 1Metal 2Metal 3Metal 4
Metal:Cu


Grade:0.22%


Recovery:76.0%


Annual Output:49,200,000 lb


LOM Output:462,000,000 lb


Base Case Price:$3.20/lb


Spot Price:$3.10/lb


Base Case NSR:$11.89/t


Spot NSR:$11.52/t


Base Case Valuation
Reported Valuation Currency:USD
Pre-Tax NPV:$136,000,000
Discount Rate:8%
After-Tax NPV:$107,000,000
Total Base Case NSR USD:$11.89/t
Pre-Tax IRR:30%
Total Spot NSR USD:$11.52/t
After-Tax IRR:26%
Annual Pre-Tax Cash Flow Base Case and Net CF/FDSH USD:$74,525,549$1.16Pre-Tax Payback:3.0 y
Annual Pre-Tax Cash Flow Spot and Net CF/FDSH USD:$69,605,549$1.06After-Tax Payback:3.4 y
Enterprise Value CAD :$20,729,477$.41/shShare Price:$0.41
Note:
Comparative Valuations using Life of Mine Averages
Discount Rate:0%5%10%15%
Base Case Pre-Tax NPV USD:$339,829,939$217,779,695$135,845,284$79,495,582
Base Case Pre-Tax Net NPV/Sh USD:$6.68$4.28$2.67$1.56
Premium BC PT NPV over EV:$6.37$3.97$2.35$1.25
Spot Pre-Tax NPV USD:$295,549,939$184,474,474$110,086,741$59,081,501
Spot Pre-Tax Net NPV/Sh:$5.81$3.63$2.16$1.16
Premium Spot PT NPV over EV USD:$5.50$3.31$1.85$0.84
The comparative NPV calculations assume constant annual cash flow based on the life of mine average annual payable production and CapEx spent in year one. The operating cost includes the LOM sustaining capital. Due to details such as ore scheduling these NPV figures may differ from those of the 43-101 economic study.
After-Tax Valuations using Spot By-Product Prices

 
 

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