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GoldMinerPulse reviews each company's NI 43-101 disclosures to find the most recent and most optimistic ore quantities and grades in the Proven and Probable, Measured and Inferred, and Indicated classifications for gold, silver, copper, lead, zinc, tin, molybdenum and cobalt (this list may expand in future based on metals listed in company NI 43-101 reports). GoldMinerPulse calls this break-down of a company's in situ gold, silver, and base metals the Most Optimistic Resource Estimate (MORE). Within the bounds of the NI 43-101, the company's MORE represents the expected upper limit of in situ metals.
A company's market capitalization per ounce of gold equivalent is calculated as:
Market Capitalization per Ounce of Gold Equivalent = {
Company's Market Capitalization ÷ Company's Gold Equivalent Ounces
}
A company's market capitalization per ounce of silver equivalent is calcuated as:
Market Capitalization per Ounce of Silver Equivalent = {
Company's Market Capitalization ÷ Company's Silver Equivalent Ounces
}
The calculations for market capitalization, gold equivalent ounces and silver equivalent ounces are defined in the following sub-sections.
A mining company's market capitalization or market cap. is computed as follows:
Company's Market Capitalization = {
Fully Diluted Share Count × Canadian Market Closing Price × C$ to US$ Currency Exchange Rate
}
A Canadian mining company's fully diluted share count is usually found in the company's share structure web page (for example, Orko Silver Share Structure web page) or may be derived from the disclosures in company filing such as the Management Discussion and Analysis which are available at Sedar. The fully diluted share count used by GoldMinerPulse is always documented in the GoldMinerPulse NI 43-101 Metal Valuation Report on the company.
Gold Equivalent Ounces = {
Company's Metal Value ÷ gold spot price
}
Silver Equivalent Ounces = {
Company's Metal Value ÷ silver spot price
}
The in situ metals in a company's MORE are normalized by current spot market price of metals. Specifically, each company's reserves and resources are valued as follows:
Company's Metal Value = {
gold spot price × oz of gold in the proven and probable classifications
+ gold spot price × oz of gold in the measured and indicated classifications
+ gold spot price × oz of gold in the inferred classification
+ silver spot price × oz of silver in the proven and probable classifications
+ silver spot price × oz of silver in the measured and indicated classifications
+ silver spot price × oz of silver in the inferred classification
+ copper spot price × pounds of copper in the proven and probable classifications
+ copper spot price × pounds of copper in the measured and indicated classifications
+ copper spot price × pounds of copper in the inferred classification
+ lead spot price × pounds of lead in the proven and probable classifications
+ lead spot price × pounds of lead in the measured and indicated classifications
+ lead spot price × pounds of lead in the inferred classification
+ zinc spot price × pounds of zinc in the proven and probable classifications
+ zinc spot price × pounds of zinc in the measured and indicated classifications
+ zinc spot price × pounds of zinc in the inferred classification
+ molybdemum spot price × pounds of molybdemum in the proven and probable classifications
+ molybdemum spot price × pounds of molybdemum in the measured and indicated classifications
+ molybdemum spot price × pounds of molybdemum in the inferred classification
+ tin spot price × pounds of tin in the proven and probable classifications
+ tin spot price × pounds of tin in the measured and indicated classifications
+ tin spot price × pounds of tin in the inferred classification
[... other as they are encountered will be added to this compuation]
}
The NI 43-101 disclosurers used to compute a company's market cap per ounce of silver equivalent or market cap per ounce of gold equivalent, complete with references to specific data from the reports used to complete a company's MORE are fully documented in a per cover company GoldMinerPulse NI 43-101 Metal Valuation report. For example, see the Genco Resources NI 43-101 Metal Valuation Report. For the other precious metal mining companies in a GoldMinerPulse list, click on the Canadian Stock ticker symbol, usually shown following the name of the company, to access the associated GoldMinerPulse NI 43-101 metal valuation report.
Spot metal prices, C$ to US$ exchange rates and Canadian market closing stock prices are updated after each close of trading on the Canadian exchanges.
As companies provide additional NI 43-101 reserve and resource disclosurers, GoldMinerPulse updates its MORE (Most Optimistic Resource Estimate) in the company's Metal Valuation Reports to reflect the new details regarding mines/deposits, grade, ore quantity and the like. GoldMinerPulse regularly searches for NI 43-101 updates. Company listed at GoldMinerPulse may also, for a nominal yearly fee, subscribe for expedited updates of their NI 43-101 disclosurers. Use Talk Back feature to request details.
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