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Category: Junior: Project Generator
Rating: 2.00   (Potential 3 Bagger as of 09/23/2017)
Risk: Moderate
Corvus Gold Inc
www: www.corvusgold.com     email: info@corvusgold.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price
OTCMKTS:CORVF 01/18/2018 USD 1.3623
TSE:KOR 01/12/2018 CAD 1.6100
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Don's Summary (from last analysis - 09/23/2017)

Corvus Gold is a project generator focused in Nevada. Their North Bullfrog property in Nevada (17,000 acres) is a 2 million oz resource (1 gpt). They recently released a PEA with an IRR of 45% at $1300 gold. The capex is $175 million. It still requires an EIS, permitting, and a feasibility study. The cost of those three will be at least $10 million. They want to sell or option it and let someone else spend the money to develop it to production.

They are currently drilling Mother Lode in Nevada. It appears to be a small project. Currently 400,000 oz at 1.5 gpt, plus another 13,000 meters of drilling. It might exceed 1 million oz after more exploration.

They have about $3 million in cash. They have not given any guidance beyond more drilling for 2017. My guess is they will continue to expand the North Bullfrog property and then look for a buyer. If that is their strategy, then the upside potential is somewhat constrained. Insiders own 58%, so it won't be easy for someone to steal it for a cheap price.

General Details

Financial 09/23/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $68.76M $137.46M 09/23/2017 $68.70M
Total Assets: $4.99M $4.96M 09/23/2017 $-0.03M
Total Liabilities: $0.51M $0.51M 09/23/2017 $0.00M
Current Assets: $2.43M $2.42M 09/23/2017 $-0.02M
Current Liabilities: $0.24M $0.23M 09/23/2017 $0.00M
Total Debt: $0.00M $0.00M 09/23/2017 $0.00M
Cash: $2.43M $2.42M 09/23/2017 $-0.02M
Enterprise Value: $66.33M $135.04M 04/12/1974 $68.71M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to Cash Flow Ratio: n/a n/a never 0.00
Finance within 1 year: 09/23/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 09/23/2017 0.00%
Misc 09/23/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $0.649 $1.297 15:01 on 01/12/2018 $0.65
Shares Outstanding: 99,000,000 99,000,000 09/23/2017 0
Shares Fully Diluted: 106,000,000 106,000,000 09/23/2017 0
Insider Ownership: n/a 58% 09/23/2017 58%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2022 09/23/2017 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
09/23/2017 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
09/23/2017 0
Initial CapEx (Outstanding): n/a n/a 09/23/2017 n/a
Funding Option: n/a n/a 09/23/2017 n/a
Documentation: none none 09/23/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 09/23/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 09/23/2017 0.00M
Measured & Indicated: n/a n/a 09/23/2017 0.00M
Inferred: n/a n/a 09/23/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 09/23/2017 0.00M
Measured & Indicated: n/a n/a 09/23/2017 0.00M
Inferred: n/a n/a 09/23/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/23/2017 $0.00
Extra Operating Cost: n/a n/a 09/23/2017 $0.00
Average Grade: n/a n/a 09/23/2017 n/a
Recovery Rate: n/a n/a 09/23/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 09/23/2017 0.00M
Annual Production: n/a n/a 09/23/2017 n/a
Cash Cost: n/a n/a 09/23/2017 n/a
Extra Operating Cost: n/a n/a 09/23/2017 n/a
SILVER 09/23/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 09/23/2017 0.00M
Measured & Indicated: n/a n/a 09/23/2017 0.00M
Inferred: n/a n/a 09/23/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 09/23/2017 0.00M
Measured & Indicated: n/a n/a 09/23/2017 0.00M
Inferred: n/a n/a 09/23/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/23/2017 $0.00
Extra Operating Cost: n/a n/a 09/23/2017 $0.00
Average Grade: n/a n/a 09/23/2017 n/a
Recovery Rate: n/a n/a 09/23/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 09/23/2017 0.00M
Annual Production: n/a n/a 09/23/2017 n/a
Cash Cost: n/a n/a 09/23/2017 n/a
Extra Operating Cost: n/a n/a 09/23/2017 n/a

Property

Last Analysis Data  (09/23/2017)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Beatty, Nv, USA North Bullfrog 100% 7,500 Open Pit show
PEA completed.
$175 million capex.
45% IRR at $1300 gold.
$635 cash costs.
Exploration Alaska, USA Chisna 100% n/a n/a show
They are trying to option all of their AK properties. They have 2 JVs today.
Exploration Fairbanks, USA LMS 100% n/a n/a n/a
Exploration Nevada, USA Mother Lode 100% (guess) n/a n/a show
400,000 oz at 1.5 gpt

Plus 13,000 meters of drilling.
Exploration Alaska, USA Terra 100% n/a n/a n/a
Exploration Alaska, USA West Pogo 100% n/a n/a n/a
Total Land Package Size (ha): 7,500  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Beatty, Nv, USA North Bullfrog 100% 7,500 Open Pit show
PEA completed.
$175 million capex.
45% IRR at $1300 gold.
$635 cash costs.
Exploration Alaska, USA Chisna 1% n/a n/a show
1% NSR
Exploration Fairbanks, USA LMS 3% n/a n/a show
3% NSR.
Exploration Nevada, USA Mother Lode 100% (guess) n/a n/a show
400,000 oz at 1.5 gpt

Plus 13,000 meters of drilling.
Exploration Alaska, USA Terra 100% n/a n/a n/a
Exploration Alaska, USA West Pogo 3% n/a n/a show
3% NSR
Total Land Package Size (ha): 7,500  

Profitability (by resource)

Proven &
Probable
09/23/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD Mkt. Cap / Gold Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Silver Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
n/a n/a n/a 0.00%
Measured &
Indicated
09/23/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD Mkt. Cap / Gold Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Silver Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
n/a n/a n/a 0.00%

Reserves &
Resources
09/23/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD Mkt. Cap / Gold Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Silver Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
n/a n/a n/a 0.00%

Future Valuation (Cash Flow & Totals)

Totals 09/23/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $0.00M $0.00M n/a $0.00M
Mkt. Cap: $68.76M $137.46M n/a $68.70M
Annual Gold Production: n/a n/a 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $0.00M $0M n/a $0M
FD Mkt. Cap Growth: -100% -100% n/a 0%
Annual
Production
Gold: n/a n/a n/a n/a
Silver: n/a n/a n/a n/a
Current FD
Mkt. Cap /
Gold Eq. Reserves: 0.00 0.00 n/a 0.00
Silver Eq. Reserves: 0.00 0.00 n/a 0.00
Gold Eq. Production: 0.00 0.00 n/a 0.00
Silver Eq. Production: 0.00 0.00 n/a 0.00
P&P
Reserves
(oz.)
Gold: n/a n/a 09/23/2017 n/a
Silver: n/a n/a 09/23/2017 n/a
Gold Eq.: n/a n/a 09/23/2017 n/a
Silver Eq.: n/a n/a 09/23/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: n/a n/a n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: n/a n/a n/a n/a
Silver Eq.: n/a n/a n/a n/a
Cash Flow 09/23/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $0.00M $0.00M n/a $0.00M
Current Multiple: 0.00 0.00 n/a 0.00
F
U
T
U
R
E
@ current prices: $0.00M $0.00M n/a $0.00M
Multiple @ current prices: 0.00 0.00 n/a 0.00
Growth @ current prices: 0.00% 0.00% n/a 0.00
@ future prices: $0.00M $0.00M n/a $0.00M
Multiple @ future prices: 0.00 0.00 n/a 0.00
Growth @ future prices: 0.00% 0.00% n/a 0.00

Defaults

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