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 Corporate Profile: Mission Gold Ltd
    Publisher: Kaiser Research Online
    Author: Copyright 2013 John A Kaiser

 

Mission Gold Ltd (MGL-V)

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Delta Gold Corp, led by CEO and President Marco Romero, controls the 2.2 million gold ounce Imperial deposit in Southern California. In April 2014 the company announced it would be completing an RTO with Commonwealth Silver and Gold which controls the Commonwealth gold and silver project in Arizona.

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.
Delta Project Valuations
CompanyProjectCountryStageIPV $
MM

$100
UPV
$500

$2000
Target MetalsDeposit Style
Key Company Projects
Mission Gold Ltd (MGL-V)ImperialUnited StatesPEA $3 Gold
California Gold Projects
Benton Resources Inc (BEX-V)Elizabeth AnneUnited StatesTarget Drilling $6 GoldEpithermal
California Gold Mining Inc (CGM-V)FremontUnited StatesInfill & Metallurgy $16 GoldQuartz Vein
Newcastle Gold Corp (NCA-T)Castle MountainUnited StatesPEA $201 GoldEpithermal
Emgold Mining Corp (EMR-V)Idaho-MarylandUnited StatesPermitting & Feasibility $1 GoldMesothermal Vein
Golden Queen Mining Co Ltd (GQM-T)Soledad MtnUnited StatesPermitting & Feasibility $141 Gold SilverPorphyry / Epithermal Vein
Sutter Gold Mining Inc (SGM-V)LincolnUnited StatesConstruction $2 GoldMesothermal Vein
Comparable Projects
Corvus Gold Inc (KOR-T)North BullfrogUnited StatesPEA $304 Gold SilverDisseminated
Ely Gold Royalties Inc (ELY-V)Mt. HamiltonUnited StatesPermitting & Feasibility $47 GoldSediment Hosted
Midway Gold Corp (MDW-T)Spring ValleyUnited StatesInfill & Metallurgy $66 GoldBreccia Intrusive
Moss Lake Gold Mines Ltd (MOK-V)Moss LakeCanadaPEA $10 GoldShear / Stockwork
Success Stories
Fronteer Gold Inc (FRG-T)Long CanyonUnited StatesPEA $2,354 GoldCarlin Style
Queenstake Resources Ltd (QRL-T)Jerritt CanyonUnited StatesProduction $97 GoldCarlin-style
Western Goldfields Inc (WGI-T)MesquiteUnited StatesProduction $448 GoldOxide
Imperial100% WIUnited States5-PEA
Imperial 43-101 Economic Study (USD except where noted otherwise)
PEAOct 26, 2012
SRK ConsultingImperial
Mining ScenarioTRMining Costs
Mining Type:OP
Cost Currency:USD
Processing Type:HL
Capital Cost:$202,000,000
Operating Rate:22,700 tpd
Sustaining Cost:$223,000,000
Operating Days:365
Operating Cost:$8.57/t
Strip Rate:2.7
BC Cash Cost per Unit: USD$597/oz Au
Mine Life:10 years
BC Cash Cost Net By-Products: USD$597/oz Au
LOM Tonnage:80,740,800 t
BC All-In Cost Net By-Prod: USD$955/oz Au
Est Startup:

Spot All-In Cost Net By-Prod: USD$955/oz Au
Production Potential

Metal 1Metal 2Metal 3Metal 4
Metal:Au


Grade:0.55 g/t


Recovery:83.0%


Annual Output:119,000 oz


LOM Output:1,187,000 oz


Base Case Price:$1,300/oz


Spot Price:$1,315/oz


Base Case NSR:$18.67/t


Spot NSR:$18.89/t


Base Case Valuation
Reported Valuation Currency:USD
Pre-Tax NPV:$167,000,000
Discount Rate:7%
After-Tax NPV:$104,000,000
Total Base Case NSR USD:$18.67/t
Pre-Tax IRR:23%
Total Spot NSR USD:$18.89/t
After-Tax IRR:19%
Annual Pre-Tax Cash Flow Base Case and Net CF/FDSH USD:$83,693,265$3.93Pre-Tax Payback:4.4 y
Annual Pre-Tax Cash Flow Spot and Net CF/FDSH USD:$85,484,215$4.05After-Tax Payback:4.4 y
Enterprise Value CAD :($383,618)($.02)/shShare Price:$0.20
Note: 3% NSR
Comparative Valuations using Life of Mine Averages
Discount Rate:0%5%10%15%
Base Case Pre-Tax NPV USD:$411,932,650$259,107,161$159,304,579$92,277,037
Base Case Pre-Tax Net NPV/Sh USD:$26.39$16.60$10.20$5.91
Premium BC PT NPV over EV:$26.41$16.62$10.22$5.93
Spot Pre-Tax NPV USD:$429,842,150$272,277,867$169,308,772$100,093,005
Spot Pre-Tax Net NPV/Sh:$27.53$17.44$10.85$6.41
Premium Spot PT NPV over EV USD:$27.55$17.46$10.86$6.43
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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