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 Corporate Profile: Integra Gold Corp
    Publisher: Kaiser Research Online
    Author: Copyright 2013 John A. Kaiser

 

Integra Gold Corp (ICG-V)

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Integra Gold changed its name from Kalahari Resources and rolled back its shares on a 1:10 basis in December 2010. Integra is led by CEO and President John de Jong and is focused on exploration and development of its high-grade Lamaque Gold Project in Val-d'Or, Quebec.

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.
Integra Project Valuations
CompanyProjectCountryStageIPV $
MM

$100
UPV
$500

$2000
Target MetalsDeposit Style
Key Company Projects
Integra Gold Corp (ICG-V)LamaqueCanadaPEA $437 GoldVein / Shear
Peer Projects
Adventure Gold Inc (AGE-V)Pascalis-ColombiereCanadaInfill & Metallurgy $27 GoldQuartz Stockwork
Eastmain Resources Inc (ER-T)Eau ClaireCanadaInfill & Metallurgy $55 GoldVein
Sirios Resources Inc (SOI-V)CheechooCanadaDiscovery Delineation $35 GoldIntrusive-Related
HPQ-Silicon Resources Inc (HPQ-V)McDonaldCanadaGrassroots $28 GoldQuartz Vein
Vantex Resources Ltd (VAX-V)Santa AnnaCanadaDiscovery Delineation $1 GoldVein
Comparable Projects
Clifton Star Resources Inc (CFO-V)DuparquetCanadaPEA $212 GoldIntrusive-Related
Granada Gold Mine Inc (GGM-V)GranadaCanadaPrefeasibility $14 GoldPorphyry / Vein
Typhoon Exploration Inc (TYP-V)FayolleCanadaPEA $6 GoldUltramafic Complex
Success Stories
Brett Resources Inc (BBR-V)Hammond ReefCanadaPEA $547 GoldShear / Stockwork
Rainy River Resources Ltd (RR-T)Rainy RiverCanadaPermitting & Feasibility $377 Gold SilverBousquet style
Virginia Gold Mines Inc (VIA-T)EleonoreCanadaDiscovery Delineation $762 Gold CopperShear / Hemlo-style
Lamaque100% WICanada5-PEA
Lamaque 43-101 Economic Study (USD except where noted otherwise)
PEAApr 25, 2014
InnovExploLamaque
Mining ScenarioTRMining Costs
Mining Type:UG
Cost Currency:USD
Processing Type:toll milli
Capital Cost:$69,200,000
Operating Rate:1,275 tpd
Sustaining Cost:$66,800,000
Operating Days:312
Operating Cost:$162.00/t
Strip Rate:

BC Cash Cost per Unit: USD$573/oz Au
Mine Life:4 years
BC Cash Cost Net By-Products: USD$573/oz Au
LOM Tonnage:2,081,400 t
BC All-In Cost Net By-Prod: USD$842/oz Au
Est Startup:

Spot All-In Cost Net By-Prod: USD$842/oz Au
Production Potential

Metal 1Metal 2Metal 3Metal 4
Metal:Au


Grade:8.19 g/t


Recovery:92.0%


Annual Output:112,400 oz


LOM Output:505,600 oz


Base Case Price:$1,339/oz


Spot Price:$1,315/oz


Base Case NSR:$378.34/t


Spot NSR:$371.57/t


Base Case Valuation
Reported Valuation Currency:USD
Pre-Tax NPV:$146,000,000
Discount Rate:5%
After-Tax NPV:$88,500,000
Total Base Case NSR USD:$378.34/t
Pre-Tax IRR:51%
Total Spot NSR USD:$371.57/t
After-Tax IRR:38%
Annual Pre-Tax Cash Flow Base Case and Net CF/FDSH USD:$86,060,000$0.14Pre-Tax Payback:1.5 y
Annual Pre-Tax Cash Flow Spot and Net CF/FDSH USD:$83,368,020$0.13After-Tax Payback:1.8 y
Enterprise Value CAD :$438,885,500$.85/shShare Price:$0.85
Note:
Comparative Valuations using Life of Mine Averages
Discount Rate:0%5%10%15%
Base Case Pre-Tax NPV USD:$208,240,000$168,330,597$136,965,334$112,018,521
Base Case Pre-Tax Net NPV/Sh USD:$0.41$0.33$0.27$0.22
Premium BC PT NPV over EV:($0.26)($0.34)($0.40)($0.45)
Spot Pre-Tax NPV USD:$197,472,080$159,239,523$129,207,866$105,335,439
Spot Pre-Tax Net NPV/Sh:$0.38$0.31$0.25$0.21
Premium Spot PT NPV over EV USD:($0.28)($0.35)($0.41)($0.46)
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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