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SV Rating: Fair Spec Value - Favorite - as of December 30, 2022
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%
SVF2022
12/30/2022
$0.60
SV Technical Closeout 100%
-54%
SVF2023
12/30/2022
$0.60
Fair Spec Value Favorite
0%
Ranking within Company's Price Range based Group
All TSX-TSXV KRO as of Sep 29, 2023
Group Median
Company
Percentile
Score
Price Range:
$0.50-$0.75
Issued:
87,330,232
130,006,408
36.8%
58.8%
Price Group Total:
68
Working Cap:
$3,398,498
$13,839,168
80.9%
TSXV KRO as of Sep 29, 2023
Group Median
Company
Percentile
Score
Price Range:
$0.50-$0.75
Issued:
63,812,058
130,006,408
28.3%
55.7%
Price Group Total:
53
Working Cap:
$2,887,070
$13,839,168
83.0%
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.
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:
December 31, 2021
Start Price:
$1.30
KRO Favorites 2022: Features companies designated 2022 KRO Favorites, based on closing price December 31, 2021.
Membership Start Date:
December 30, 2022
Start Price:
$0.60
KRO Favorites 2023: Features companies designated 2023 KRO Favorites, based on closing price December 30, 2022.
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.
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 bankable feasibility study to earn an extra 5%. On Sept 11, 2023 B2Gold and Aurion purchased Dragon's 3% NSR for $5 million ($3.5 million by B2Gold, $500,000 cash by Aurion and 2,415,410 Aurion shares deemed at $0.61).
Target Metals: Gold
Model: Orogenic Vein
Stage: 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.
Net Interest: 30% TC Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Two blocks, Launi West and Launi East which connects to the Risti block. Agreement Aug 23, 2023 whereby Kinross can earn 70% by spending USD $10 million over 7 years, with a $2 million firm commitment within 2 years.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired May 23, 2023 through staking (claim reservations) consisting of 8 blocks collectively called the Savu project. While much of the land package is prospective for LCT type pegmatites, two prospects have established mineralization. One is the Auermavaara prospect with a gold zone and the other is the Kaulus prospect which covers the southern edge of the Sokli carbonatite owned by Finnish Minerals Group.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Agreement Nov 8, 2021 whereby Kinross can earn 70% 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. Aug 23, 2023 Kinross terminated option.