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KRO Profile
Price:$0.475  Open Rec:See Strategy
Market Cap:$114,051,235  WC % of Mkt Cap:8%
Working Cap:$8,895,569  As of:9/30/2022
Issued:240,107,863  Insider %:37.9%
Diluted:257,497,863  Story Type:Resource: Feasibility Demonstration
Key People:Martin Turenne (CEO), Peter M. D. Bradshaw (Chair), J. Christopher Mitchell (CFO),
SV Rating: Good Spec Value - Favorite - as of December 31, 2021: FPX Nickel Corp is a Good Spec Value rated Favorite at $0.50 as of December 31, 2021 based on the economic implications of a PEA completed in September 2020 which proposes to open pit mine the Baptiste deposit on the 100% owned Decar property in central British Columbia at a rate of 120,000 tpd for a 35 year mine life to produce an average 99 million lbs of nickel annually in the form of a 60%-65% ferro-nickel concentrate shipped directly to stainless steel makers. CapEx and life of mine sustaining capital were estimated at USD $1.67 billion and $1.1 billion with AISC of $3.12 per lb nickel. At a base case price of USD $7.75/lb nickel and 8% discount rate the PEA indicated an after-tax NPV of USD $1.72 billion, clearing the development hurdle where NPV should match or exceed CapEx, and an after-tax IRR of 18.3% which is sufficient for such a long-lived mine. Based on 231.6 million shares fully diluted, 100% net interest and a CAD:USD exchange rate of 1.25 this NPV translates into a future price target of $9.28. In April 2021 FPX raised sufficient capital to fund delivery of a PFS by mid 2023. The reason the stock price represents Good Speculative Value is because no nickel deposit consisting of 1.5 billion tonnes at an average grade of 0.122% nickel has ever been put into production. FPX Nickel Corp is a fabulous opportunity for any speculator who can understand why the Decar project is very different from every other nickel mine. The secret is in the nature of the grade, which is based on the Davis Tube Recovery assaying method which measures only the portion of a rock's nickel content that is recoverable through magnetic separation at a specified minimum grind size. At Decar the host rock is an ultramafic ophiolite body that has been serpentinized in a manner where ni...(see Profile for full Overview)
Last Corporate Change - Aug 25, 2017: 1:1 Name Change from First Point Minerals Corp (FPX-V)
Last KRO Comment - Jul 28, 2022: Tracker: FPX Nickel met study confirms DTR assay method and firms up flotation recovery assumption
Recent News - Dec 2, 2022: Closes $12 Million Equity Investment From New Corporate Strategic Investor
  Project Interest   Country Region Stage IPV
($mm)
Target Deposit
Model
Decar 100% WI Canada Central BC 6-Prefeasibility $122 Nickel Ultramafic Complex
Mich 100% WI Canada Whitehorse 2-Target Drilling $122 Nickel Ultramafic Complex
Klow 100% WI Canada Central BC 3-Discovery Delineation $122 Nickel Ultramafic Complex
Wale 100% WI Canada Northern BC 2-Target Drilling $122 Nickel Ultramafic Complex
Orca 100% WI Canada British Columbia 3-Discovery Delineation $122 Nickel
Price:$3.120  Open Rec:See Strategy
Market Cap:$196,377,302  WC % of Mkt Cap:25%
Working Cap:$49,525,394  As of:9/30/2022
Issued:62,941,443  Insider %:41.6%
Diluted:65,712,343  Story Type:Resource: Feasibility Demonstration
Key People:Laurel Sayer (CEO), Marcelo Kim (Chair), Jessica Largent (CFO), Darren Morgans (CFO), Heather Ennis (Sec),
SV Rating: Good Spec Value - Favorite - as of December 31, 2021: Perpetua Gold Corp, the new name for Midas Gold Corp effective Feb 18, 2021 following a 10:1 rollback on Jan 29, 2021 to allow a NASDAQ listing where it now trades with the symbol PPTA, has been a KRO Fair or Good Spec Value rated recommendation since September 6, 2013 based on its 100% owned gold-antimony Stibnite project in Idaho. On December 31, 2020 Perpetua was continued as a 2021 Favorite at $1.22 ($12.22 after adjusting for the 10:1 rollback) following the filing of a Draft Environmental Impact Statement by the USFS on Aug 14, 2020 and the company's delivery of a positive feasibility study on December 22, 2020. We are now waiting for the USFS to release a Final EIS in Q2 of 2021 followed by a draft Record of Decision in Q3 and a Final Record of Decision in Q4 which becomes the basis for ROD dependent permits and a construction decision in 2022 with production beginning in 2026 if CapEx of $1.3 billion can be raised. On April 5, 2021 Perpetua Gold Corp was confirmed as a Good Spec Value rated Favorite at $7.97 in Tracker Apr 5, 2021 which includes NPV and NPV/share based graphics for the Stibnite project using a close approximation of the parameters in the feasibility study's technical report and showing sensitivity to a gold price as high as $2,500. The feasibility study envisions a 15 year 20,000 tpd open-pit operation that mines three deposits whose refractory ore will be processed through a milling and pressure-oxidation complex that would yield 4,284,000 oz gold and 118 million lbs of antimony with a minor silver by-product. CapEx and Sustaining Capital were USD $1.292 billion and $295 million with OpEx at $26.45 per tonne. At base case prices of $1,600/oz gold, $20/oz silver and $3.50/lb antimony the after tax NPV was $1.347 billion at a 5% discount rate and...(see Profile for full Overview)
Last Corporate Change - Feb 18, 2021: 1:1 Name Change from Midas Gold Corp (MAX-T)
Last KRO Comment - Apr 6, 2021: Tracker: Spec Value Rating for Perpetua Gold Corp (PPTA-T)
Recent News - Nov 14, 2022: Third Quarter 2022 Highlights
  Project Interest   Country Region Stage IPV
($mm)
Target Deposit
Model
Stibnite 100% WI United States Idaho 7-Permitting & Feasibility $205 Gold Antimony Epithermal Vein / Stockwork
Price:$5.370  Open Rec:See Strategy
Market Cap:$280,501,112  WC % of Mkt Cap:3%
Working Cap:$8,891,000  As of:6/30/2022
Issued:52,234,844  Insider %:19.1%
Diluted:54,270,158  Story Type:Resource: Producer
Key People:Cristiano Veloso (CEO), Felipe B. Paolucci (CFO),
SV Rating: Good Spec Value - Favorite - as of December 31, 2020: Verde Agritech Inc is a Good Spec Value rated Favorite because the junior controls a multi-billion tonne resource of a potassium silicate in Brazil which it is turning into an alternative to conventional potassium chloride for the Brazilian agricultural sector under the brand name Super GreenSand. The greenish rock, called "verdete slate" in Brazil and glauconite in technical circles, runs 9%-11% K2O compared to the 20%-30% K2O that the sylvite from evaporite beds in Saskatchewan runs. Sylvite is a combination of potassium chloride and ordinary salt which gets chemically upgraded to potassium chloride (KCl - 60%-65% K2O), the main fertilizer form applied to crops around the world. Its disadvantage is that crops to which it is applied do not qualify as organic and its salt nature makes it unusable for some crops. Its solubility poses an extra problem in Brazil where a good part of applied KCl disappears as runoff due to torrential rains during the main growing season which runs from November through May. Gluaconite's problem is that as a silicate the potassium is mineralogically locked up and not soluble. The verdete slate formation, which is up to 500 m thick and has a 120 km trend whose blue-green trace is visible from Google Earth, was recognized during the seventies when a process called ThermoPotash was developed to heat treat the material in a rotary kiln which made K2O available for crop uptake. ThermoPotash was a whole rock product that could be supplemented with other fertilizer ingredients such as limestone, but the physical volume that needed to be applied was 5-6 times the weight of KCl. ThermoPotash was never commercialized because its treatment cost could not compete against $100/t KCl, so the verdete slate was abandoned. But in 2008 when a supply squeeze p...(see Profile for full Overview)
Last Corporate Change - Aug 2, 2022: 1:1 Name Change from Verde Agritech Plc (NPK-T)
Last KRO Comment - Nov 21, 2019: Tracker: Poor spin control makes Verde Agritech a bargain
Recent News - Nov 22, 2022: Awarded Easements for the 23Mtpy Production Scenario Of its Pre Feasibility Study
  Project Interest   Country Region Stage IPV
($mm)
Target Deposit
Model
Cerrado Verde 100% WI Brazil Minas Gerais 9-Production $291 Potash Sediment-hosted
Calcario 100% WI Brazil Minas Gerais 5-PEA $291 Limestone Sediment Hosted
 

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