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 Corporate Profile: Coventry Resources Inc
    Publisher: Kaiser Research Online
    Author: Copyright 2013 John A Kaiser

 

Coventry Resources Inc (CYY-V)

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Coventry changed its name from Crescent Resources in January 2013 while completing a rollback and RTO with Australia-based Coventry Resources LTD which controls gold exploration properties in Ontario. In September 2013 the company agreed to merge with Chalice Gold, with shareholders to receive one Chalice share per 1.78 Coventry shares. The shares, in turn, were distribted to Coventry shareholders and the company carries on focused on its Uncle Sam project in Alaska.

Key to Understanding IPV Charts and Spec Value Hunter Tables
An IPV Chart is a graphical presentation of a Spec Value Hunter table that has been constructed according to the Rational Speculation Model developed by John Kaiser. The IPV Chart allows speculators to identify which projects offer poor, fair or good speculative value in both absolute and relative terms. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted capitalization, 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.
Green background indicates the dream target judged appropriate for this play by John Kaiser - otherwise unranked.
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
Click on the company name to view the company profile, the project name to view project details.
Click on the project icon if its background is shaded to get the IPV Chart for that company.
Coventry Res Project Valuations
CompanyProjectCountryStageIPV $
MM

$100
UPV
$500

$2000
Target MetalsDeposit Style
Key Company Projects
Coventry Resources Inc (CYY-V)CameronCanadaPEA $0 GoldVein / Shear
Peer Projects
Comparable Projects
Success Stories
Cameron
100% WICanada5-PEA
Cameron 43-101 Economic Study (USD except where noted otherwise)
PEAJan 7, 2013
Lycopodium EngineeringCameron
Mining ScenarioTRMining Costs
Mining Type:UG+OP
Cost Currency:USD
Processing Type:

Capital Cost:$110,000,000
Operating Rate:2,750 tpd
Sustaining Cost:$63,000,000
Operating Days:365
Operating Cost:$54.01/t
Strip Rate:9.2
BC Cash Cost per Unit: USD$889/oz Au
Mine Life:10 years
BC Cash Cost Net By-Products: USD$889/oz Au
LOM Tonnage:9,533,000 t
BC All-In Cost Net By-Prod: USD$1,175/oz Au
Est Startup:

Spot All-In Cost Net By-Prod: USD$1,175/oz Au
Production Potential

Metal 1Metal 2Metal 3Metal 4
Metal:Au


Grade:1.96 g/t


Recovery:91.5%


Annual Output:61,000 oz


LOM Output:604,673 oz


Base Case Price:$1,472/oz


Spot Price:$1,315/oz


Base Case NSR:$89.46/t


Spot NSR:$79.92/t


Base Case Valuation
Reported Valuation Currency:USD
Pre-Tax NPV:$111,000,000
Discount Rate:5%
After-Tax NPV:$79,000,000
Total Base Case NSR USD:$89.46/t
Pre-Tax IRR:20%
Total Spot NSR USD:$79.92/t
After-Tax IRR:17%
Annual Pre-Tax Cash Flow Base Case and Net CF/FDSH USD:$35,579,463$0.30Pre-Tax Payback:5.4 y
Annual Pre-Tax Cash Flow Spot and Net CF/FDSH USD:$26,005,513$0.20After-Tax Payback:5.6 y
Enterprise Value CAD :($51,969)$.00/shShare Price:$0.01
Note: All figures concerning tonnes per day converted from short tons, inlcuding opex/tonne
Comparative Valuations using Life of Mine Averages
Discount Rate:0%5%10%15%
Base Case Pre-Tax NPV USD:$182,794,625$110,560,236$63,554,202$32,127,694
Base Case Pre-Tax Net NPV/Sh USD:$1.87$1.13$0.65$0.33
Premium BC PT NPV over EV:$1.87$1.13$0.65$0.33
Spot Pre-Tax NPV USD:$87,055,125$40,153,090$10,074,404($9,654,428)
Spot Pre-Tax Net NPV/Sh:$0.89$0.41$0.10($0.10)
Premium Spot PT NPV over EV USD:$0.89$0.41$0.10($0.10)
The comparative NPV calculations assume constant annual cash flow based on the life of mine average annual payable production and CapEx spent in year one. The operating cost includes the LOM sustaining capital. Due to details such as ore scheduling these NPV figures may differ from those of the 43-101 economic study.
After-Tax Valuations using Spot By-Product Prices

 
 

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