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The formulae used to determine MCpOzAgEq or market cap set out in detail at Calculating Mining Company Valuation are sensitive to changes in the estimated fully diluted share count, the resource and reserve counts and to the company's closing stock price. An error or delays in any of these inputs will distort the MCpOzAgEq calcuation.
Mergers, acquisitions and property sales are typically absorbed by the market as soon as the news becomes known. However, updates to the fully diluted share counts and resource counts tend to follow the actual closing of a merger, acquisition or sale event. As a result, there may be a significant discontinuity in the MCpOzAgEq periodically. Also, unless a company subscribes for priority updates (target update time of 1 business day after company news release), updates for an event such as a NI43-101 resource estimate update may be not be updated for several weeks (updates for customers not subscribing to priority updates is best effort). When priority updates are enabled for a company, its name is shown in a bold font.
Also, please see Silver List Change History for dates for when ongoing updates to company resource, reserve and fully diluted share counts were applied. Not all changes are reflected in the valuation exceptions lists below.
Noted MCpOzAgEq valuation exceptions:
Silvermex Resources, February 28, 2011: updated the fully diluted share count which had been too low since the last round of financing. For the Februay 25, 2011 close this change moved the market captitalization per ounce of silver equivalent from US$1.06 to US$1.16.
Silver Standard Resources, January 07, 2011: Removed Snowfields and Brucejack gold properties from companies resource inventory to reflect the December 23, 2010 agreement with Pretiua Resources. The net effect to Silver Standard was to move low grade good from resource count to cash and shares in Pretium.
Revett Minerals, December 16, 2010: Revett Minerals history is incorrect in the time frame between December 15, 2010 and November 19, 2010 due to the stock reverse split.
SilverMex Resources and Genco Resources, November 11, 2010: The merger has been approved and will be reflected as soon as the trading begins in the combined company (probably November 16, 2010).
Endeavour Silver Corp., November 9, 2010: Endeavour amends offer for Cream Minerals. GoldMinerPulse updates will be completed once the deal receives regulatory approval.
Bear Creek Mining Corporation, November 8, 2010: Bear Creek Mining private placement (closed November 5, 2010) and project resource updates (announced earlier in 2010) were updated. (MCpOzAgEq increased to $0.93 from $0.73 when the update was applied.)
First Majestic Silver Corp., November 8, 2010: Fully diluted share count updated. (MCpOzAgEq increased to $2.82 from $2.71 when the update was applied.)
Endeavour Silver Corp., October 04, 2010: Endeavour's all cash offer to acquire Cream Minerals has not been applied to the valuation pending confirmation that the deal will close.
Investors relying on GoldMinerPulse metrics are advised that updates are maintained on a best effort basis. If there's any question, refer to the date of a company's most recent update, which is always recorded in its Metal Valuation Report (click R in the Related Links column). From time to time, volatility of market reaction to certain events, surprise regulatory changes and unpredictable delays in our updates may also distort GoldMinerPulse metrics, in some cases, significantly. In our earnest effort to maintain the integrity of our numbers, GoldMinerPulse is pleased to correct any inaccuracies. Please submit error reports by e-mail to dennis@goldminerpulse.com. All submissions will receive a reply!