Valuation, page-29

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Seth Davis

3,349 Posts.

309

05/01/19

09:33

Post #: 37031096
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Originally posted by Green Bull: ↑

Yeah pretty exciting project to valuation with gold at all-time highs.

As I posted here on that image that you attached: https://hotcopper.com.au/threads/ann-chuscal-jv-agreement.4567109/page-21?post_id=36778419

****
Hi All,

Had a look at the announcement and looks like the (Chuscal) jewel in the (Quinchia) crown is just that.

There is gold in them hills everywhere at Quinchia project but it looks like there will be more at Chuscal than the rest of the prospects at Quinchia put together, as expected, and it looks like AngloGold wants to hang onto 49% to 70% and see what comes out of it.

For those that are confused with the JV:

- MNC didn’t have Chuscal (AngloGold did)

- MNC had an option agreement with AngloGold to form a JV on Chuscal

In relation to the potential Chuscal size/resource:

If we take some of the new AngloGold data from today’s ann we can do some back-of-the-envelope calc’s:

600m x 240m x 2.7 density x 100m depth = 38,880,000 tonnes

38,880,000 tonnes x 2.66g/t Au = 103,420,800

103,420,800 / 31.10 = 3.3Moz Au

Add another ~2.8Moz from the rest of the Quinchia prospects, and we get 6Moz+ Au all within a 3km radius.

Market Cap is $2.0m.

Chilean assets to be divested: valued conservatively by an independent valuer at $2.7m.

Summary of the numbers:
MC: $2.0m
Potential income from sale of assets: $2.7m
Likely resource size: 6.1Moz

Patience and some food for thought.

Cheers,

GB.
****

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All the contract clawbacks on Chuscal from Anglo says what they think of the project, especially with Anglo's ex VP of exploration (Nick Winer) running the show for MNC - says it all for me, we just need to be patient and wait until they can get their boots on the ground.

MNC Price at posting: 0.2¢ Sentiment: Buy Disclosure: Held
13 Upvote

2 Great analysis

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Valuation, page-29

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