Kaiser Bottom Fish OnlineFree trialNew StuffHow It WorksContact UsTerms of UseHome
Specializing in Canadian Stocks
SearchAdvanced Search
Welcome Guest User   (more...)
Home / Companies / KRO Profile
KRO Profile
KRO Company Profile

Aurion Resources Ltd (AU-V)
RSWeb SiteTreeForumSEDARQuoteFree
Trade DateVolumeHighLowCloseChgStatus
September 27, 202286,200$0.440$0.380$0.440$0.065Trading
Basic Info
Listed On:TSX Venture: AU10/3/2008Sector:ResourceKey People
Issued:117,571,3453/31/2022Story Type:Discovery ExplorationMatti Talikka (CEO), David Lotan (Chair), Mark Serdan (CFO),
Diluted:129,028,894
JK Owns:No
Insider Stake:18%1/20/2022Tel:(416) 371-1325
Working Capital:$22,419,1133/31/2022Email:Address
Market Cap:$51,731,392
Web Site:aurionresources.com120 Adelaide St West #1410, Toronto, ON, M5H 1P9, Canada
Cash Breakup:$0.02per shTwitter:@aurionResources
Spec Value Rating History
Dec 14, 2018 $1.100 Bottom-Fish Spec Value New
Jul 10, 2019 $1.640 Fair Spec Value New
Dec 31, 2020 $1.120 Fair Spec Value New
Dec 31, 2021 $1.300 Fair Spec Value New
Spec Value Rating Overview Updated January 24, 2022
SV Rating: Fair Spec Value - Favorite - as of December 31, 2021: Aurion Resources Ltd is a Fair Spec Value rated Favorite at $1.30 effective December 31, 2021 based on its strategic land position within the Central Lapland Greenstone Belt of northern Finland where a 4 million ounce gold discovery in 2020 by Rupert Resources Ltd is likely to result in a district consolidation over the next two years. The CLGB has a scale similar to the Abitibi Greenstone Belt but has recorded the discovery of only 9.1 million ounces gold compared to 85 million ounces in the Abitibi largely due to relative under-exploration. Finland's geological survey, GTK, dominated exploration activity and outlined a 285,000 oz orogenic style gold deposit in 1987-1991 at the Suurikuusikko project. In 1997 Finland changed its mining code to allow exploration by foreigners; Riddarhyttan Resources AB won the public tender in 1998 and delineated the deposit with backing from Agnico-Eagle which acquired the entire project in 2005 and put it into production as the 6,000 tpd Kittila Mine in 2009. At the end of 2020 the Kittila resource stood at 4.1 million oz (30 million t @ 4.16 g/t Au) with Agnico-Eagle guiding 250,000 oz production for 2021 and a mine life until 2034. Aurion was a struggling prospect-generator-farmout junior when David Lotan took charge and refocused the junior to Finland by acquiring a major land position in 2014 from Dragon Mining Ltd. The geological hypothesis was that the 120 km long Sirkka Shear Zone was the crustal scale equivalent to the Destor-Porcupine Fault that runs through the Timmins District in Ontario and that tens of million ounces remained to be found by exploring the splays that come off this structure. This flew in the face of the fact that the refractory Kittila Mine is more than 20 km from the SSZ. A large portion of the land package straddling the western two-thirds now called Kutuvuoma was optioned to B2Gold Corp in August 2015 which spent $15 million to earn 70% and in October 2021 elected to form a 70:30 JV with Aurion rather than earn 75% by funding a BFS. Aurion kept the Risti and Launi blocks in the east for itself and conducted grassroots exploration with a limited budget until it caught a major break in February 2017 with the discovery of a field of quartz boulders with bonanza grade visible gold. The Aamurusko discovery attracted Eric Sprott and Kinross as major investors, of whom Kinross continues to maintain a stake just under 10%. Aurion has since invested $34 million exploring its Finland projects, with Risti getting the bulk of the work. However, despite 138 holes representing 24,216 m, many of them intersecting short intervals of high grade gold, the Aamurusko area has not yet yielded a zone of continuous mineralization for which a meaningful resource estimate can be calculated. In late 2021 Aurion raised nearly $17 million through a no warrant financing at $0.90, bringing its working capital back to $25 million. Aurion was set to fade into an also-ran if it were not for two major developments in the CLGB. The first look place in June 2020 when Rupert Resources Ltd announced a new gold discovery on the Pahtavaara project north of Aurion's land package it had acquired in 2016. The 1,400 tpd Pahtavaara mill sits in the middle of the claim block next to a set of partially mined veins for which Rupert estimated a resource of 4.6 million t @ 3.2 g/t Au (474,000 oz) which it hoped to redevelop to feed the mill. At the same time Rupert conducted a property wide basal till sampling program - much of the land is covered by swamp or 5-40 m thick overburden. This yielded a number of gold in till anomalies in the western part just north and east of the Kutuvuoma claim boundary. One of these, Ikkari, yielded a major discovery during early 2020 winter drilling. But before Rupert knew it had a big discovery on its hands it secured a $13 million strategic investment in February 2020 from Agnico-Eagle in the form of $0.85 units which on a fully diluted basis (196.5 million) would give Agnico-Eagle a 14.9% equity stake. Unlike the erratic mineralization at Aurion's Aamurusko discovery the Ikkari zone drilled off very quickly, yielding an initial inferred resource of 49,330,000 t @ 2.5 g/t gold (3,950,000 oz) as open pit and underground mineable ore. The resource includes no drill holes below 450 m though the zone has been intersected at a depth of 650 m. The mineralization is not-refractory like the Kattila ore and its orogenic nature allows substantial potential at depth (Kattila has a 2,000 m vertical extent). The significance of the Ikkari discovery is that it supports the hypothesis that multi-million ounce gold deposits with ore grade are associated with the Sirkka Shear Zone, and that detailed till sampling to outline potential blind zones is the way to go. Aurion plans to conduct basal till sampling on a much more detailed scale on its 100% owned Risti and Launi claim blocks during the 2022 summer season. The other major development for Aurion was that in 2021 B2Gold changed its exploration focus to the eastern part of Kutuvuoma where drilling along the structure associated with the 800 m Ikkari zone as it projects onto the JV ground yielded a new discovery called Helmi that appears similar to Ikkari. B2Gold has proposed a $10 million delineation drill program of which Aurion will contribute $3 million. That still leaves Aurion with plenty of money to explore its own ground while being able to pay its share if B2Gold expands its Helmi program, and participate in 2023 without having to go to market to raise more capital. With only 126.9 million fully diluted, Aurion has upside potential of $2.00-$2.50 if B2Gold delivers a billion dollar prize at Hemli, $7-$8 if Aurion finds an Ikkari clone on its 100% owned ground that can be drilled off quickly. The real game, however, is about who will control the Sirkka Shear Zone district. Agnico-Eagle already controls the Kattila area north of the SSZ and has a nearly 15% equity stake in Rupert whose land position has ample room for multiple Ikkari scale discoveries. B2Gold is a mid-tier producer which controls 70% of the second largest land position in the area, with Aurion as a well funded 30% partner. Aurion, which perhaps spent far too much time and money chasing the source of the flashy high grade quartz boulders, has a green light for intensive sampling of the entire 100% land package. Rupert is sitting with a now pointless 1,400 tpd mill far too small for the Ikkari deposit. It is itself a potential takeover target for Agnico-Eagle which has not yet exercised its right to appoint 2 people to Rupert's board, and technically is below the 10% insider threshold on an issued basis. Aurion's Aamurusko Zone could end up becoming mill feed for the Pahtavaara mill, so perhaps a friendly merger with Aurion is a possibility. B2Gold is a mid-tier gold producer which would likely prefer that it absorb Aurion rather than the neighbor Rupert for whom it might also have eyes if Helmi does turn into another Ikkari scale discovery. Aurion Resources Ltd is a Favorite because it sits in the middle of this game as the prize everybody except Agnico-Eagle needs. And then there is Kinross with just under 10% of Aurion, probably busy digesting the Great Bear acquisition unless Barrick does snatch it away. The largest shareholder is David Lotan with 9.7 million shares and he has the smarts to play this to the hilt without being overcome by ego. And he now has Matti Talikka as the new CEO after Mike Basha stepped down in early 2021 due to a family tragedy. Between 2007-2015 he was the exploration general manager for Dragon Mining in charge of Sweden and Finland so he knows how things work in Finland. All this is unfolding against a possible gold bull market whose impact on gold producer prices would provide cover for bold acquisitions.
Recommendation History
Edition Date Price
Recommendation Gain
BF2012 7/13/2012 $0.16 New BF LP Buy $0.10-$0.19 -16%
BF2012 12/31/2013 $0.05 BF Technical Closeout 100% -76%
SVF2020 4/7/2020 $0.74 Fair Spec Value Favorite 0%
SVF2020 12/31/2020 $1.12 Fair Spec Value Favorite Confirmed 51%
SVF2021 12/31/2020 $1.12 Fair Spec Value Favorite 0%
SVF2021 12/31/2021 $1.30 SV Technical Closeout 100% 16%
SVF2022 12/31/2021 $1.30 Fair Spec Value Favorite 0%
Ranking within Company's Price Range based Group
All TSX-TSXV KRO as of Sep 27, 2022Group MedianCompanyPercentileScore
Price Range:$0.30-$0.49Issued:86,106,962117,571,34541.0%67.1%
Price Group Total:117Working Cap:$3,459,133$22,419,11393.2%
TSXV KRO as of Sep 27, 2022Group MedianCompanyPercentileScore
Price Range:$0.30-$0.49Issued:76,394,732117,571,34533.7%65.8%
Price Group Total:101Working Cap:$2,906,805$22,419,11398.0%
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
Oct 3, 2008 Aurion Resources Ltd IPO 500,000 $0.350 FT
$175,000 DPVC Inc. (DPV.P) $200,000 Oct 23
Oct 3, 2008 Aurion Resources Ltd IPO 2,500,000 $0.250

$625,000 500,000 flow-through common shares @ $0.35
Nov 6, 2009 Aurion Resources Ltd PP 6,999,000 $0.150
Units $1,049,850
Jun 10, 2010 Aurion Resources Ltd PP 6,200,000 $0.250
Units $1,550,000
Mar 4, 2011 Aurion Resources Ltd PP 4,444,450 $0.450
Units $2,000,002
Mar 29, 2011 Aurion Resources Ltd PP 357,143 $0.700
Units $250,000
Apr 4, 2012 Aurion Resources Ltd PP 8,571,426 $0.350
Units $2,999,999
Oct 12, 2016 Aurion Resources Ltd PP 6,312,500 $0.400

$2,525,000
Mar 6, 2017 Aurion Resoruces Ltd PP 5,783,997 $1.500

$8,675,996
Sep 21, 2017 Aurion Resources Ltd PP 6,853,500 $2.320

$15,900,120
Apr 24, 2019 Aurion Resources Ltd PP 6,166,300 $1.050

$6,474,615
Aug 23, 2019 Aurion Resources Ltd PP 6,666,666 $1.500

$9,999,999
Aug 23, 2019 Aurion Resources Ltd PP 737,000 $1.500

$1,105,500
Mar 1, 2021 Aurion Resources Ltd PP 1,570,000 $0.850

$1,334,500
Mar 1, 2021 Aurion Resources Ltd PP 11,855,033 $0.850

$10,076,778
Dec 9, 2021 Aurion Resources Ltd PP 16,666,667 $0.900

$15,000,000
Dec 9, 2021 Aurion Resources Ltd PP 1,881,500 $0.900

$1,693,350
Capital
Financials Dated: March 31, 2022 Reporting Period: 3 months Year End: 12/31 Currency: CAD
Assets Liabilities Income
Cash Equivalents: $3,801,224 Current Liabilities: $1,057,669 Operating Revenues: $0
Receivables etc: $19,675,558 Tangible LT Debt: $1,177,795 Operating Cash Costs: $0
Current Assets: $23,476,782 Intangible LT Debt: $0 Operating Cash Flow: $0
Long Term Assets:$40,377,650Total Liabilities:$2,235,464Operating Non-Cash Costs:$0




Miscellaneous Revenue:$46,685
Total Assets: $63,854,432 Share Capital: $61,618,968 Cash Expenses: $908,618


Shareholder Deficit: $0 Non-Cash Expenses: $600,428
Working Capital: $22,419,113 Net Shareholder Equity: $61,618,968 Total Expenses: $1,509,046




Overall Cash Flow:($908,618)
Monthly Overhead:$302,873

Net Income (Loss):($1,509,046)

Note:
Capital History
Date PeriodCash EqCurrent
Assets
Total
Assets
Current
Liabilities
Total
Liabiltiies
Share
Capital
GAINCash
Expenses
DilutedWorking
Capital
3/31/2011 3 $3,822,963 $3,869,089 $5,563,633 $102,477 $102,477 $5,788,697
$138,611 0 $3,766,612
6/30/2011 6 $3,395,060 $3,466,407 $5,256,555 $131,461 $131,461 $5,820,420
$337,536 41,734,358 $3,334,946
9/30/2011 9 $2,728,081 $2,840,704 $5,103,647 $216,686 $216,686 $5,836,370
$526,257 41,386,212 $2,624,018
12/31/2011 12 $1,953,282 $2,102,754 $4,691,881 $100,953 $100,953 $5,847,495
$801,694 41,796,212 $2,001,801
3/31/2012 3 $4,458,303 $4,646,944 $7,423,573 $148,836 $148,836 $7,390,203
$230,560 60,246,282 $4,498,108
6/30/2012 6 $4,104,008 $4,183,717 $7,188,588 $227,875 $227,875 $7,384,046
$396,111 57,848,282 $3,955,842
9/30/2012 9 $3,471,150 $3,578,316 $6,165,654 $103,480 $103,480 $7,384,046
$563,858 57,848,282 $3,474,836
12/31/2012 12 $3,088,031 $3,189,439 $4,691,652 $119,461 $119,461 $4,572,191 -22% $738,801 55,394,806 $3,069,978
3/31/2013 3 $2,729,922 $2,818,652 $4,402,052 $140,230 $140,230 $4,261,822
$175,887 55,394,806 $2,678,422
6/30/2013 6 $2,287,448 $2,372,694 $4,081,994 $47,605 $47,605 $7,420,458
$349,694 55,216,235 $2,325,089
9/30/2013 9 $1,950,328 $2,061,526 $3,926,536 $30,079 $30,079 $7,440,458
$442,133 55,266,235 $2,031,447
12/31/2013 12 $1,717,979 $1,834,480 $3,320,014 $55,413 $55,413 $7,417,346 62% $649,078 55,273,735 $1,779,067
3/31/2014 3 $1,559,603 $1,649,836 $3,140,175 $57,507 $57,507 $7,417,346
$123,548 55,273,735 $1,592,329
6/30/2014 6 $1,287,103 $1,365,777 $2,814,851 $87,885 $87,885 $7,417,346
$290,810 55,058,735 $1,277,892
9/30/2014 9 $870,142 $978,042 $2,551,096 $73,617 $73,617 $7,517,346
$420,998 57,058,735 $904,425
12/31/2014 12 $522,997 $620,913 $2,467,438 $134,753 $134,753 $2,341,685 -68% $603,011 57,308,735 $486,160
3/31/2015 3 $205,055 $274,153 $2,380,575 $70,578 $70,578 $7,679,846
$146,260 45,708,141 $203,575
6/30/2015 6 $50,070 $145,064 $2,349,304 $183,468 $183,468 $2,165,836
$286,043 45,708,141 ($38,404)
9/30/2015 9 $169,535 $379,275 $1,721,645 $459,599 $459,599 $1,262,046
$433,421 45,478,141 ($80,324)
12/31/2015 12 $11,066 $292,087 $1,628,667 $447,650 $447,650 $1,181,017 -50% $563,236 45,963,141 ($155,563)
3/31/2016 3 $31,191 $338,238 $1,695,650 $624,503 $624,503 $1,071,147
$123,672 48,013,141 ($286,265)
6/30/2016 6 $204,335 $207,126 $454,423 $194,924 $194,924 $19,453,936
$125,598 32,805,421 $12,202
9/30/2016 9 $1,652,713 $2,282,924 $3,760,490 $176,065 $176,065 $3,584,425
$617,462 58,902,391 $2,106,859
12/31/2016 12 $666,662 $1,722,557 $3,789,940 $161,878 $161,878 $0 -100% $514,343 58,827,391 $1,560,679
3/31/2017 3 $2,127,082 $9,336,672 $12,026,108 $291,422 $291,422 $291,422
$145,432 65,041,499 $9,045,250
6/30/2017 6 $1,387,363 $8,617,209 $11,932,716 $388,213 $388,213 $11,544,503
$465,027 67,216,499 $8,228,996
9/30/2017 9 $16,538,072 $22,923,565 $27,756,474 $695,775 $695,775 $27,060,699
$4,006,119 74,069,999 $22,227,790
12/31/2017 12 $11,769,799 $20,410,315 $27,057,523 $465,686 $465,686 $26,591,837 2,152% $1,372,346 75,929,899 $19,944,629
3/31/2018 3 $10,454,761 $18,969,809 $26,717,947 $305,211 $305,211 $26,412,736
$373,079 75,929,999 $18,664,598
6/30/2018 6 $9,115,045 $17,402,898 $26,297,415 $450,130 $450,130 $25,847,285
$843,806 75,679,999 $16,952,768
9/30/2018 9 $3,454,632 $14,639,059 $26,492,865 $1,110,772 $1,110,772 $34,764,976
$1,363,852 75,679,999 $13,528,287
12/31/2018 12 $1,475,556 $11,329,733 $26,087,108 $839,986 $862,463 $25,224,645 -5% $1,527,325 75,954,999 $10,489,747
3/31/2019 3 $6,694,534 $8,639,812 $25,316,632 $462,917 $652,324 $24,664,308
$492,846 75,633,708 $8,176,895
6/30/2019 6 $6,431,520 $14,699,826 $33,422,108 $1,056,718 $1,351,391 $32,070,717
$869,328 82,128,587 $13,643,108
9/30/2019 9 $13,005,358 $21,774,111 $43,278,527 $1,407,406 $1,801,842 $41,476,685
$1,699,233 91,442,252 $20,366,705
12/31/2019 12 $12,414,661 $17,385,582 $39,684,028 $1,293,004 $1,851,453 $37,832,575 50% $3,618,131 92,321,554 $16,092,578
6/30/2020 6 $2,452,480 $12,567,589 $39,278,826 $516,170 $1,192,604 $38,086,222
$1,393,715 91,842,252 $12,051,419
9/30/2020 9 $1,897,600 $11,761,728 $40,673,678 $1,221,119 $1,979,371 $51,183,577
$1,819,205 93,119,350 $10,540,609
12/31/2020 12 $1,704,898 $8,219,994 $42,185,679 $404,727 $1,222,389 $40,963,290 8% $2,880,537 91,942,252 $7,815,267
3/31/2021 3 $10,746,696 $15,949,463 $50,860,407 $722,013 $1,146,124 $49,714,283
$552,579 107,964,900 $15,227,450
6/30/2021 6 $7,985,728 $13,260,455 $49,894,079 $529,974 $1,199,603 $48,694,476
$1,200,358 107,691,989 $12,730,481
9/30/2021 9 $6,697,798 $12,382,142 $49,995,624 $743,757 $1,329,433 $48,666,191
$1,739,023 107,294,419 $11,638,385
12/31/2021 12 $20,300,998 $26,106,516 $65,349,343 $803,401 $2,020,614 $63,328,729 55% $2,782,116 126,923,894 $25,303,115
3/31/2022 3 $3,801,224 $23,476,782 $63,854,432 $1,057,669 $2,235,464 $61,618,968
$908,618 129,028,894 $22,419,113
Structure & People
Directors, Officers and Employees: 13,097,353 11.1% AGM: July 27, 2021
Other Insiders: 8,523,269 7.2% People Tree Available
Past Reported Shareholders: 11,546,823 N/A
Related Party Occupation Related
Since
Insider Director Officer Capacity Ownership %
Dennis Clarke Lawyer 11/16/2012

300,000 0.3%
David Lotan Investor 4/20/2017 Chairman 9,725,382 8.3%
David Loveys Accountant 2/2/2010

318,900 0.3%
Leily Omouni Engineer 3/31/2021

0 0.0%
Kerry E. Sparkes Geologist 12/3/2019

0 0.0%
Matti Talikka Geologist 1/15/2015 CEO 212,000 0.2%
Michael Basha Geologist 10/16/2008

Advisory Board 2,541,071 2.2%
Kinross Gold Corp Public Company 4/1/2019


8,523,269 7.2%
Mark Serdan Accountant 1/23/2018
CFO 0 0.0%
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
Henry J. Awmack Engineer 2/1/2010 6/25/2015 6/25/2015
Director 84,000
Batell Investments Ltd Broker 11/6/2009


Placee 25,000
Ken Bates
4/4/2012


Placee 100,000
Rann Cannon Broker 6/10/2010


Placee 60,000
Richard M. Cohen Broker 11/10/2009


Placee 250,000
Christopher Dabbs Broker 4/4/2012


Placee 75,000
Tracy Dabbs Broker 11/10/2009


Placee 250,000
David B. Elliott Broker 11/6/2009


Placee 150,000
Gammon Gold Inc Public Company 3/29/2011


Placee 357,143
Richard A. Graham Journalist 4/6/2006 7/30/2019 7/30/2019
Director 131,525
Bernhard Hansel Broker 6/10/2010


Placee 25,000
Christopher J. Hunt Broker 4/4/2012


Placee 37,000
Laurie Hunt Broker 4/4/2012


Placee 38,000
Robert Klassen Broker 11/10/2009


Placee 250,000
Olav Langelaar Broker 11/10/2009


Placee 100,000
Sandra Lee Administrator 6/26/2008 6/24/2009 6/24/2009
Director 25,000
Lotan Holdings Inc Private Company 6/30/2016


Insider 7,090,800
Catherine McLeod-Seltzer Investor 6/10/2010


Placee 100,000
Brad J. Mercer Geologist 10/9/2009 6/12/2014 6/12/2014
Director 140,000
K. Peter Miller
6/26/2008 6/24/2009 6/24/2009
Director 25,000
Narinder Nagra
5/15/2008 2/1/2010 2/1/2010
Director 100,000
James Nagy Broker 6/10/2010


Placee 100,000
Rule Family Trust Family Trust 12/14/2009


Insider 1,083,355
Robert Sali Broker 11/10/2009


Placee 600,000
Mark Santarossa Accountant 10/10/2020 7/27/2021

VP Corp Dev 0
Thomas W. Seltzer Broker 6/10/2010


Placee 100,000
David Shepherd Broker 11/6/2009


Placee 50,000
Inderjit Shoker Broker 11/10/2009


Placee 50,000
Miles F. Thompson Geologist 2/16/2016 10/10/2020

Advisory Board 0
Andrew Williams Broker 11/6/2009


Placee 150,000
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:April 7, 2020Start Price:$0.74
KRO Favorites 2020: Features companies with Bottom-Fish, Fair or Good Spec value ratings that were designated Favorites in 2020, effective December 31, 2019.
Membership Start Date:December 31, 2020Start Price:$1.12
KRO Favorites 2021: Features companies with Bottom-Fish, Fair or Good Spec value ratings that are designated 2021 Favorites, effective December 31, 2020.
Membership Start Date:December 31, 2021Start Price:$1.30
KRO Favorites 2022: Features companies designated 2022 KRO Favorites, based on closing price December 31, 2021.
Risk Analysis

Click here to view IPV Report

Key to Understanding the Spec Value Hunter Tables
Flagship Play Secondary Plays Other Plays
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.
Active Company Projects
Project Location Net
Interest
Stage IPV $
MM
Fair Spec Value
Required Target
Outcome Range

$100
UPV
$500

$2000
Target Metals Deposit Style
Risti Finland 100% WI 3-Discovery Delineation $57 $1,135 - $2,271 GoldShear / Vein
Kutuvuoma Finland 30% WI 3-Discovery Delineation $189 $3,785 - $7,570 GoldOrogenic Vein
Launi Finland 100% WI 2-Target Drilling $57 $2,271 - $5,677 GoldOrogenic Vein
Silaskaira Finland 30% TC 1-Grassroots $189 $18,924 - $37,848 GoldOrogenic Vein
Company Projects

Risti Project
Featured in Share Collective
RistiFinlandOTOther16,197 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by staking
Target Metals: GoldModel: Shear / VeinStage: 3-Discovery Delineation
See Reliable Project Location Google Map in free Corporate Profile

Kutuvuoma Project
Featured in Share Collective
KutuvuomaFinlandOTOther6,111 ha
Net Interest: 30% WI
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms: May 2014 agreement to acquire 100% in the Kutuvuoma and Silasselka exploration projects from Dragon Mining for six million common shares and one million euros in exploration spending on the projects within three years. Aug 21, 2015 agreement whereby B2Gold must complete $5 million in exploration expenditures, pay Aurion $50,000 cash and issue 550,000 B2Gold shares over 4 years to earn a 51% interest. B2Gold can earn an additional 19% interest by spending a further $10 million over 2 years. B2Gold can earn an additional 5% interest for a total of 75% interest by completing a bankable feasibility study. This agreement applies to a 25,000 ha area that includes the Kutuvumoa and Silasseka projects.On Aug 13, 2019 B2Gold vested for 51% and on Oct 15, 2021 B2Gold vested for 70% by spending another $10 million and elected to form a 70:30 JV with Aurion rather than fund a bkanable feasibility study to earn an extra 5%.
Target Metals: GoldModel: Orogenic VeinStage: 3-Discovery Delineation
Notes on Kutuvuoma Project
The Kutuvuoma project area is located 35 kilometres southeast of the 4.8-million-ounce Kittila gold mine owned by Agnico Eagle Mines Ltd. Kutuvuoma is a high-grade, shear-zone-hosted gold deposit that was discovered in the early 1990s by Outokumpu Oy. It conducted geochemical till sampling and ground magnetic and electromagnetic (EM) geophysical surveys and completed a total of 29 reverse circulation (1,112 metres) and 18 diamond (2,313 metres) drill holes over an approximately 150-metre horizontal strike length and a maximum of 150 metres vertical depth. The Kutuvuoma property covers around six km of strike length over a prospective geological sequence with mineralized structures and has been only partially explored with geochemical and geophysical surveys extending the strike distance of around 1.5 km. The previous work has identified a number of gold anomalies that remain untested.
See Reliable Project Location Google Map in free Corporate Profile

Launi Project
Featured in Share Collective
LauniFinlandOTOther14,000 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms: Two blocks, Launi West and Launi East which connects to the Risti block.
Target Metals: GoldModel: Orogenic VeinStage: 2-Target Drilling
See Reliable Project Location Google Map in free Corporate Profile

Silaskaira Project
Featured in Share Collective
SilaskairaFinlandOTOther5,435 ha
Net Interest: 30% TC
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms: Agreement Nov 8, 2021 whereby Kinross can earn70% by paying CAD $100,000 and spending USD $5 million over 5 years with a minimum $1 million commitment within 2 years. If Aurion dilutes to 10% its working interest converts to a 2% NSR.
Target Metals: GoldModel: Orogenic VeinStage: 1-Grassroots
See Reliable Project Location Google Map in free Corporate Profile
Company Related KRO Comments
Sep 2, 2022Kaiser Watch - 0:25:33
Jul 15, 2022Kaiser Watch - 0:20:00
Apr 14, 2022Kaiser Watch - 0:25:24
Mar 3, 2022Kaiser Watch - 0:08:48
Jan 27, 2022Kaiser Watch - 0:17:39
Jan 24, 2022Tracker: Spec Value Rating for Aurion Resources Ltd
Apr 8, 2020Discovery Watch with HoweStreet.com - 0:00:01
Apr 7, 2020Tracker: New Spec Value Rating for Aurion Resources Ltd
Jul 11, 2019Discovery Watch with HoweStreet.com - 0:13:56
Jul 10, 2019Tracker: Spec Value Rating for Aurion Resources Ltd (AU-V)
Sep 25, 2018Discovery Watch with HoweStreet.com - 0:13:44
Jan 26, 2018Discovery Watch with HoweStreet.com - 0:17:15
Sep 30, 2017Discovery Watch with HoweStreet.com - 0:00:00
Aug 4, 2017Discovery Watch with HoweStreet.com - 0:00:00
Feb 10, 2017Discovery Watch with HoweStreet.com - 0:11:43

Company News Releases - Members Only
Sep 23, 2022Lotan Holdings Inc. Acquires 100,000 Common Shares
Sep 12, 2022Aurion B2Gold JV Intersects Wide Gold Mineralized Zone at Helmi, Extends Mineralization at Depth
Aug 23, 2022Property Asset or Share Purchase Agreement
Aug 11, 2022Update on Regional Exploration Activities and Commencement of Drilling at Risti
Aug 8, 2022Repurchase of Royalties on Kaaresselk and Kiekermaa
Jul 28, 2022Aurion B2Gold JV Intersects Further Gold Mineralization at Helmi and Identifies New Zones of Gold Mineralization to the Northwest
Jun 13, 2022Aurion B2Gold JV Extends Gold Mineralization at Helmi and Intersects New Zone of Gold Mineralization to the Northwest
Jun 8, 2022Property Asset or Share Purchase Agreement
May 19, 2022Expands Land Package in Central Lapland
May 4, 2022JV Intersects 2.05 g/t Au over 77.50 m at Helmi
Feb 23, 2022JV Intersects Additional Gold Mineralization at Helmi
Feb 17, 2022Provides an Update on Aamurusko Drilling Program and Exploration Plans
Jan 25, 2022Stock Option Grants
Jan 19, 2022Aurion B2Gold JV Extend Gold Mineralization at Helmi
Jan 17, 2022Expands Gold Mineralized Envelopes at Aamurusko, Further Results from Helmi Discovery (B2Gold JV) imminent
Dec 9, 2021Private Placement Brokered, Private Placement Non Brokered
Dec 9, 2021Joint Venture Extends Strike Length of Kutuvuoma Ikkari (Helmi) Discovery to 1.3 km
Nov 25, 2021Completes Brokered Offering and Non Brokered Participation by Kinross for Aggregate Proceeds of C$16.7 Million
Nov 23, 2021Property Asset or Share Purchase Amending Agreement
Nov 19, 2021Kinross Gold Agrees to Purchase Additional Shares to Maintain 9.98% Ownership Position
Nov 8, 2021Aurion Signs Definitive Option Agreement with Kinross on the Silaskaira Property
Nov 5, 2021Upsize of Brokered Private Placement to up to C$13.5 Million
Nov 4, 2021Brokered Private Placement for up to C$10.0 Million
Oct 28, 2021Aurion Signs Definitive Option Agreement with B2Gold on Kuortis Property
Oct 25, 2021JV Partner, B2Gold, Drills New Discovery in First holes Along Kutuvuoma Ikkari Corridor
Oct 18, 2021JV Partner, B2Gold, Provides Notice to Exercise Option on Projects in Northern Finland
Sep 7, 2021Identifies Multiple Gold in Till Anomalies at Risti and Launi Properties
Sep 2, 2021Provides an Exploration Update on its Joint Venture with B2Gold
Aug 30, 2021Resumes Drilling on its Projects in Finland
Aug 19, 2021Lotan Holdings acquired 32,800 common shares of Aurion Resources
Jul 29, 2021Identifies New Zones and Extends Gold Mineralization at Aamurusko
Jun 15, 2021Receives Shares of Strategic Resources, increasing ownership to 16%
Apr 19, 2021Commences Drilling and Base of Till Sampling Program
Mar 31, 2021Strengthens Board of Directors
Mar 30, 2021Change of Management
Mar 9, 2021Stock Option Grants
Mar 1, 2021Private Placement Brokered, Private Placement ' Non Brokered
Feb 23, 2021Completes Brokered Offering and Non Brokered Participation by Kinross for Aggregate Proceeds of C$11.4 Million
Feb 9, 2021Kinross Gold Corporation Agrees to Purchase Additional Shares to Maintain 9.98% Ownership Position
Feb 1, 2021Upsizes Marketed Private Placement to $9 Million
Jan 29, 2021$5 Million Private Placement
Jan 13, 2021Aurion B2Gold Joint Venture Exploration Update
Jan 8, 2021Chairman Letter to Shareholders
Dec 3, 2020Confirms Hinge Zone Discovery at Launi East Property
Oct 6, 2020Exploration Update: Kaaresselka Drill Program Completed and Early Encouragement from Scout Drilling at Risti
Sep 2, 2020Commences Drilling on Risti
Aug 26, 2020Aurion JV Partner B2Gold Intersects High Grade Gold in Drilling at Kutuvuoma
Jul 29, 2020Appoints Matti Talikka as Chief Executive Officer
Jul 27, 2020Drilling Intersects High Grade Gold at Launi East
Jul 20, 2020Results of Recent Work on Regional Targets Highlighting the Risti Area's District Scale Gold Potential
Jul 14, 2020Concludes scout drilling program at Launi and prepares to resume exploration at Aamurusko
Jul 2, 2020Trading on the OTCQX Market
Jun 17, 2020Revises Terms of Silasselka Earn in
Apr 22, 2020Financial Statement Filing Exemption
Apr 22, 2020Aamurusko Northwest Drilling Extends Gold Mineralization to 300 m Depth; Step Out Drilling Intersects Multiple Potential New Gold Zones
Mar 30, 2020Update and COVID 19 Response
Feb 20, 2020Results from Initial Drilling on Christmas Deformation Zone at Launi
Jan 14, 2020Exhibiting at Core Shack Booth 1024, AME Roundup, Jan 20 21
Dec 9, 2019Drills High Grade, Near Surface Intercepts Extending Mineralization Up Dip at Aamurusko Main, Including 22.63 g/t Au over 3.53 m
Dec 3, 2019Appointment of Kerry E. Sparkes to the Board of Directors
Nov 27, 2019Identifies 3 to 9 m Wide Zone over 450 m at Launi East with Channel Samples Returning 27.01 g/t Au over 1.77 m and 14.76 g/t Au over 2.95 m. Drill Program Commences
Nov 11, 2019Drills Multiple, High Grade, Near Surface Intercepts at Aamurusko Northwest, Including 23.41 g/t Au over 11.10 m
Sep 6, 2019Stock Option Grants
Sep 5, 2019Intersects 10.6 g/t Au over 3.4 m at Aamurusko Northwest Second Drill Rig Added
Aug 22, 2019Discovers Extensive New Gold Mineralization at its Launi East Project in Northern Finland
Aug 21, 2019B2Gold Option Exercise on Kutuvuoma and Ahvenjarvi
Jul 31, 2019Completes Offering Led by C$5 Million from Eric Sprott and Concurrent Non Brokered Participation by Kinross Gold Corporation for aggregate of C$11,105,499
Jul 16, 2019Kinross Gold Agrees to Purchase Additional Shares to Maintain 9.98% Ownership Position
Jul 10, 2019Upsized Overnight Marketed Private Placement Of C$10 Million Of Common Shares Led By A C$5 Million Investment From Eric Sprott
Jun 26, 2019Aurion Intersects 13.3 g/t Au over 19.5 m in new zone at Aamurusko Northwest
Jun 4, 2019Recommences Drilling at Aamurusko
Apr 24, 2019Aurion Options Silasselka Vanadium Project to Strategic Resources Inc.
Apr 10, 2019Completes Brokered Financing and Concurrent Non Brokered Pro Rata Participation by Kinross Gold Corporation for C$6,474,615
Apr 1, 2019Additional Investment by Kinross Gold Corporation to Maintain 9.98% Ownership Position
Mar 18, 2019C$5 Million Bought Deal Private Placement of Common Shares
Mar 13, 2019Extends Strike of Near Surface Mineralized Shoot to 100 m at Aamurusko and Intersects Near Surface Gold Mineralization in Conglomerate at Notches Prospect
Feb 12, 2019Prospecting Program Yields New Discovery At Its Launi East Project In Northern Finland
Feb 5, 2019Intersects 42.3 g/t Au over 4.0 m and 24.5 g/t Au over 4.7 m Near Surface at Aamurusko
Jan 14, 2019Drilling At Aamurusko
Dec 17, 2018Discovers New Style of Gold Mineralization at Risti Project
Dec 11, 2018Identifies Possible High Grade Mineralized Shoot at Aamurusko
Oct 22, 2018Update on 2018 Exploration Campaign
Oct 2, 2018Makes New High Grade Surface Discovery at Risti
Sep 19, 2018Drills 789 G/t Au Over 2.90 M At Aamurusko
Aug 17, 2018Provides Update on 2018 Drill Program and Reports High Grade Gold Results at A2 and Aamurusko Northwest
Jun 21, 2018Two New High Grade Gold Discoveries and Provides Update on 2018 Field Exploration Program
Mar 5, 2018Provides Exploration Update
Feb 15, 2018Aurion Options Outa Project in Finland to Kinross
Jan 23, 2018Mark Serdan Appointed Chief Financial Officer
Jan 18, 2018Resume Trading
Jan 17, 2018Reports Results Of Maiden Drill Program At Aamurusko
Jan 12, 2018Halted Security
Nov 2, 2017Extends Drill Program at Aamurusko
Sep 21, 2017Private Placement Non Brokered
Sep 14, 2017Starts Drilling At Aamurusko And Identifies New Gold Zones
Sep 13, 2017Closing Of Private Placement With Kinross Gold Corporation
Sep 7, 2017Private Placement Financing with Kinross Gold Corp
Aug 1, 2017Extends High Grade Aamurusko Zone to 1.4 km
Jun 14, 2017Commences 2017 Field Exploration Program
May 1, 2017David Lotan Appointed Non executive Chairman
Apr 20, 2017David Lotan Joins Aurion Board Of Directors
Apr 13, 2017Grants Options
Mar 20, 2017Completes Acquisition Of Gold Projects From Tertiary Minerals
Mar 13, 2017Gungnir Resources Announces: Knaften Project Area Focus Of New Staking By Aurion Resources
Mar 6, 2017Private Placement Non Brokered
Feb 27, 2017Closes Private Placement Of $8,675,995
Feb 10, 2017Removed from OSC Delinquent Filer List
Feb 9, 2017Increase To Previously Announced Private Placement Financing
Feb 8, 2017$6 Million Private Placement Financing
Feb 1, 2017Resume Trading
Feb 1, 2017Discovers New Bonanza Gold Zone At Risti
Jan 31, 2017Halt
Jan 31, 2017Halted Security
Dec 20, 2016Property Asset or Share Purchase Agreement
Dec 13, 2016B2gold Drill 11.4 G/t Au Over 13.3 M At Kutuvuoma
Dec 5, 2016Acquires Two High Grade Gold Projects In Northern Finland
Oct 12, 2016Private Placement Non Brokered
Sep 28, 2016Closes Private Placement Of $2.525 Million
Sep 23, 2016Closes Brokered Private Placement Of $1.025 Million
Sep 8, 2016Correction From Source: Private Placement Of $2.525 Million
Sep 6, 2016Aurion And B2gold Discover New High Grade Gold Zone At Ahvenjarvi In Finland
Aug 22, 2016Aurion And B2gold To Commence Maiden Drill Program At Kutuvuoma
Aug 11, 2016Samples 14.4 G/t Au At Ruoppa And Expands Ruoppa And Risti Targets In Northern Finland
Jul 15, 2016Aurion And B2gold Commence Exploration Program In Northern Finland
Jun 23, 2016Lotan Disposes of 2,300,000 Common Shares of Aurion
May 30, 2016Lotan Purchased 2,500,000 Common Shares of Aurion
Feb 29, 2016Aurion And B2gold Report Positive Preliminary Metallurgy At Kutuvuoma
Feb 22, 2016Samples 30.7 And 22.3 G/t Au At Two New High grade Gold Prospects In Northern Finland
Feb 18, 2016Property Asset or Share Disposition Agreement
Feb 16, 2016Miles Thompson Joins Aurion As Advisor
Feb 9, 2016Aurion And B2gold Channel Sample 9.8m At 6.5g/t Au At Kutuvuoma And Sample 21.2 G/t Au At A New Gold Target 1.6 Km West Of Kutuvuoma
Jan 20, 2016Signs Definitive Option Agreement With B2gold On Gold Projects
Jan 6, 2016Changes Auditors
Nov 16, 2015Shares for Debt
Nov 10, 2015Issues Shares To Settle Debt
Aug 13, 2015Options Finnish Projects To B2gold And Reports High Grade Results At Kutuvuoma And Ahvenjarvi
Jun 26, 2015Property Asset or Share Purchase Amending Agreement
Mar 23, 2015Property Asset or Share Purchase Amending Agreement
Mar 10, 2015Amends Purchase Agreement With Dragon
Feb 17, 2015Property Asset or Share Purchase Agreement
Jan 15, 2015Discovers New Gold Mineralization In Northern Finland
Oct 27, 2014Receives Key Permits At Logan Pass
Sep 17, 2014Finland Update; Field Program Underway
Sep 8, 2014Property Asset or Share Purchase Agreement
Jun 25, 2014Files NI 43 101 Technical Report On Finland Projects
May 26, 2014Finalizes Purchase Of Finland Projects
Mar 4, 2014Aurion Acquires Advanced Exploration Projects In Finland
Nov 4, 2013Property Asset or Share Purchase Amending Agreement
Nov 1, 2013Asher Announces Final Payments for Lavington Property
Oct 31, 2013Amends Logan Pass Agreement
Oct 18, 2013Sells Interest In Lavington Property


 

You can return to the Top of this page


Copyright © 2022 Kaiser Research Online, All Rights Reserved