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SV Rating: Bottom-Fish Spec Value - Favorite - as of October 18, 2023
Corporate Change History
#Old for New
Last Price
Prior Name
Subsequent Name
Details
Jan 13, 2021
Name Change
7:1
$0.14
Northway Resources Corp (NTW-V)
Kenorland Minerals Ltd (KLD-V)
Recommendation History
Edition
Date
Price
Recommendation
Gain
SVF2023
12/30/2022
$0.78
Fair Spec Value Favorite
0%
Ranking within Company's Price Range based Group
All TSX-TSXV KRO as of Oct 16, 2023
Group Median
Company
Percentile
Score
Price Range:
$0.50-$0.75
Issued:
89,068,612
62,938,029
60.6%
73.5%
Price Group Total:
66
Working Cap:
$3,250,102
$17,696,382
86.4%
TSXV KRO as of Oct 16, 2023
Group Median
Company
Percentile
Score
Price Range:
$0.50-$0.75
Issued:
62,938,029
62,938,029
49.0%
69.4%
Price Group Total:
49
Working Cap:
$2,165,117
$17,696,382
89.8%
Group figures exclude delisted and suspended companies. The higher the company percentile the better, based on the assumptions that the lowest issued shares and highest working capital are best. The score is the average of the percentiles. A percentile is that percentage of a group that a member ranks higher than. Note that issued and WC reflect latest financials.
Ranking Color Code:
Lower than 25%
25% to 50%
50% to 75%
Higher than 75%
Charts & Financing Activity
Most recent 43-101 resource estimate Prior resource estimate PEA PFS FS/BFS/DFS
Private Placement Key
less than $500,000
$1,000,000 - $2,000,000
$5,000,000 - $10,000,000
$20,000,000 - $50,000,000
$500,000 - $1,000,000
$2,000,000 - $5,000,000
$10,000,000 - $20,000,000
over $50,000,000
Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review.
Date
Company
Type
Quantity
Price
FT
Units
Amount
Broker
Aug 22, 2019
Northway Resources Corp
IPO
18,486,000
$0.100
$1,848,600
Haywood Securities Inc. and Echelon Wealth Partners Inc.
Past Insiders and Reported Shareholders - Current Ownership Status unknown - positions may be pre-rollback
Related Party
Occupation
Related Since
Insider Ended
Director Ended
Capacity
Ownership
L. Francis Macdonald
Geologist
12/29/2020
10/21/2022
VP Exploration
3,280,000
Share positions of current insiders based on last AGM circular, ownership % based on current Issued. Share positions of past insiders and shareholders have not been adjusted for rollbacks or splits.
Active Index Memberships
Membership Start Date:
December 30, 2022
Start Price:
$0.78
KRO Favorites 2023: Features companies designated 2023 KRO Favorites, based on closing price December 30, 2022.
A Spec Value Hunter table allows speculators to identify which projects offer poor, fair or good speculative value according to the rational speculation model. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted, 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.
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
Color Key for Target Outcome Achievability Ranges in millions ranked from most to least achievable
below $25
Should be Private: Artisanal, Placer, Mom & Pop Shop
$25-$50
Tiny Scale: underground mine or quarry - not worth the bother
$50-$100
Small Scale: junior needs to self-develop
$100-$250
Buyout Target: by Lower Tier Producers
$250-$500
Buyout Target: by Mid-Tier Producers
$500-$1,000
Ideal Target for Junior: Buckhorn, Sleeper
$1,000-$2,000
Almost World Class: Ekati, Red Chris, Brucejack, Juanicipio, Stibnite
$2,000-$5,000
World Class: Eskay Creek, Hemlo, Hermosa-Taylor, Oyu Tolgoi, LaRonde, McArthur
$5,000-$10,000
Giants: Escondida, Sullivan, Carlin Trend, Kidd Creek, Orapa, Kamoa-Kakula
above $10,000
Off the Scale District: Wits 1.0, Araxa, Sudbury Basin, Bayan Obo
The target outcome range required for the current implied project value to represent fair speculative value is based on the upper and lower certainty limits associated with the project stage. The color coding is based on the target outcome using the mid-point of the certainty range.
Net Interest: 20% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired in March 2017 by map staking. Optioned in 2018 to Sumitomo Metal Mining which has earned 65% by spending $4.3 million and has option to increase to 80% by spending CAD $4 million. Sumitomo has vested but Kenorland is operator.
Net Interest: 30% TC Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by staking in October 2016. Optioned to Sumitomo which can earn 51% by spending $4.9 million over 3 years, after which it can increase to 70% by spending another $10 million over 3 years. If either party dilutes below 10% it converts to an uncapped 2% NSR.
Net Interest: 30% TC Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired 2019 by map staking. Agreement Jan 24, 2022 to option up to 70% to Centerra Gold which can earn 51% by spending $5 million over 4 years, and increase to 70% by delivering a 43-101 resource estimate of at least 1 million AuEq ounces within 4 years of vesting for 51%. If a partner's interest is diluted below 10% it converts to a 2% NSR on unencumbered claims and 1.5% on those with an existing royalty.
Net Interest: 30% TC Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Agreement July 20, 2022 to option 70% to Antofagasta for USD $30 million exploration over 8 years plus $1 million in staged payments and $4 million on vesting. Kenorland will be operator initially. If any party dilutes below 10% it converts to a 2% NSR that can be bought for USD $2 million.
Net Interest: 20% TC Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by map staking in Dec 2019. Optioned July 2020 to Newmont which can earn 51% over 4 years, after which it can go to 80% by delivering PFS for a minimum 1.5 million oz gold resource.
Net Interest: 2.00% NSR Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: 3 claim blocks T-Bone, Vector and Feeder. Agreement June 22, 2021 to sell 100% to Superior Nickel Inc for 2,665,000 shares and a 2% NSR.
Net Interest: 3.00% NSR Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Agreement by Kenorland on Dec 13, 2022 to sell 100% to Targa Exploration Corp for 4,377,375 shares, $100,000 and 3% NSR. This deal includes the sale of 2 Manitoba MEL applications called the Superior Project. Targa must issue additional stock to maintain KLD at 9.9% equity stake until it has raised $5 million.
Net Interest: 30% TC Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by map staking in 2019. Agreement Dec 15, 2022 to option up to 70& to Sumitomo Metal Mining Company which can earn 51% by spending $4.9 million over 3 years, after which it can increase to 70% by completing a feasibility study based on at least 1.5 million gold eq ounces within another 7 years. On Sumitomo vesting for 70% Kenroland can elect to reduce to a 4% NSR. If either party dilutes below 10% their stake converts into a 3% NSR of which 1% can be bought for $1 million.
Net Interest: 2.00% NSR Vested: Yes Uncapped NSR/GOR: 2.00%
Ownership Terms: Three claim groups known as the Pontax, Moyenne and Whabouchi Trends acquired by staking. Agreement July 28, 2021 to sell 100% to LiFT Power Ltd for $200,000 and enough stock to give Kenoraland 10% of issued at the time of listing (occurred June 27, 2022). Kenoraland retains a 2% NSR and will be operator for the first 2 years.
Net Interest: 2.50% NSR Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by staking. Agreement Apr 8, 2022 to option 100% to Double O Seven Resources Ltd for $1,600,000 over 5 years. Kenorland retains 2.5% NSR and will operate for first 2 years and receive a 10% management fee.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Apr 30, 2021 staked 65,657 ha. Additional 10.854 ha optioned as the Curie Lake and Root Lake West blocks from Bounty Gold Corp $175,000 in shares with minium $0.70 price over 2 years. Vendor retains 2% NSR of which 1% can be bought for $1 million.Agreement Sept 20, 2021 to option up to 80% to Barrick which can earn 70% by spending $6 million over 6 years of which $3 million is firm during the first 3 years. At that point Kenorland can elect to drop to a 3% NSR on thw holly owned claims and 2% on the optioned claims. If KLD elects to form a 30:70 JV Barrick can elect to increase to 80% by funding a feasibility study within 10 years of the initial agreement. If eoither party dilutes below 10% their stake converts to a 2% NSR on the wholly owned claims and 1% on the others. After spending USD $4.31 million Barrick terminated option on Jan 19, 2023.
Net Interest: 3.00% NSR Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Agreement Oct 3, 2022 to sell 100% to Jayden Resources Ltd for $125,000, 5,557,447 shares and a 3% NSR. Jayden will need to issue additional shares to allow Kenorland to maintain a 9.9% equity stake until Jayden has raised $10 million.
Net Interest: 1.00% NSR Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by stakung in 2019. Agreement Feb 5, 2021 to sell 100% to J2 Metals Inc for a 1% NSR and 15% fully diluted equity stake in J2 which must spent $500,000 within 12 months. Kenorland is operator.
Most recent 43-101 resource estimate 
Prior resource estimate 
PEA 
PFS 
FS/BFS/DFS
Flagship Play
Secondary Plays
Other Plays
