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Category: Junior: Late Stage Developer
Rating: 2.00   (Potential 3 Bagger as of 03/28/2017)
Risk: Moderate
Exeter Resource Corp
www: www.exeterresource.com     email: exeter@exeterresource.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
NYSEMKT:XRA 06/22/2017 USD 1.610 0.020 1.890 - 0.660 0
TSE:XRC 06/22/2017 CAD 2.1400 0.0400 2.5200 - 0.8900 87,224
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Don's Summary (from last analysis - 12/03/2016)

Exeter Resources has a huge gold project in Chile. Undeveloped giant gold deposits are rare and Exeter Resources has one (20 million oz, although low grade at .5 gpt, but 80% recovery rate). And it is in the right location, next to a large producing mine that has infrastructure. Plus, it is a low cost surface mine that includes 6 billion pounds of copper and 40 million oz of silver (1 gpt), which will reduce costs. Cash cost for gold equivalent production (gold, silver, and copper) will be around $600 per oz. For gold only, cash costs will be very low.

Originally they were going to mine 700,000 oz (gold equivalent) per year for 19 years (13 million oz). They have abandoned that plan because the capex was $5 billion. Instead they are going to start small and expand production over time. They will end up building the mine in phases. They have three starting options under consideration. Option 1 will likely be used, which is a small open pit oxide mine. The initial capex will be around $240 million, with production at 125,000 oz (gold equivalent). Once they get into production, they will become a growth company. Production should eventually reach 350,000 oz annually, and perhaps much more.

There are significant risks with this stock. First is the long timeline risk until production ramps up. They still need a pre-feasibility and final feasibility studies, as well as permitting. Second, they could easily get taken out by a Major once gold prices rise and their 15 million ounces suddenly become very valuable. Third, they need to acquire financing, which could cause dilution or hurt their balance sheet. My guess is that once they de-risk the project with a final feasibility study and final permits, they won't be able to hold off a takeover attempt. Their gold in the ground is currently being valued at $5 per oz. I'm sure a major would pay up to $50 per oz for this project ($750 million) once gold prices take off and it is de-risked and ready for construction. But I doubt they will have to pay that much. As investors, we will be lucky if we get half that amount. These big projects usually get taken over by majors. With only 10% insiders, a hostile takeover is very possible.

Steps remaining: They need to complete some in-fill drilling to complete a PFS. They need to complete permitting (about 12 to 15 months after they begin). And they need to complete the PFS (about 9 months). They cannot do all of these at once, combined it will take 18 to 24 months. Construction is possible in 2019 or 2020.


3/28/2017: Goldcorp announced a takeover offer at $184 million, or about $11 per oz of gold.

General Details

Financial 12/03/2016
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $73.25M $154.56M 12/03/2016 $81.31M
Total Assets: $15.03M $11.57M 03/31/2017 $-3.46M
Total Liabilities: $0.26M $2.09M 03/31/2017 $1.82M
Current Assets: $12.73M $11.54M 03/31/2017 $-1.19M
Current Liabilities: $0.26M $2.09M 03/31/2017 $1.82M
Total Debt: $0.00M $0.00M 03/31/2017 $0.00M
Cash: $12.04M $11.32M 03/31/2017 $-0.72M
Enterprise Value: $61.21M $143.24M 07/16/1974 $82.03M
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: No No 12/03/2016 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 12/03/2016 0.00%
Misc 12/03/2016
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $0.763 $1.610 16:06 on 06/22/2017 $0.85
Shares Outstanding: 88,480,000 90,010,000 03/31/2017 1,530,000
Shares Fully Diluted: 96,000,000 96,000,000 12/03/2016 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2021 12/03/2016 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
12/03/2016 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
12/03/2016 0
Initial CapEx (Outstanding): $250.00M
341.31% of Mkt.Cap
$250.00M
161.75% of Mkt.Cap
12/03/2016 $0.00M
Funding Option: n/a n/a 12/03/2016 n/a
Documentation: none PEA 03/28/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 12/03/2016
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 12/03/2016 0.00M
Measured & Indicated: 15.00M 15.00M 12/03/2016 0.00M
Inferred: 2.00M 2.00M 12/03/2016 0.00M
Reserves & Resources: 17.00M 17.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 12/03/2016 0.00M
Measured & Indicated: 9.60M 9.60M 12/03/2016 0.00M
Inferred: 0.80M 0.80M 12/03/2016 0.00M
Reserves & Resources: 10.40M 10.40M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 12/03/2016 $0.00
Extra Operating Cost: n/a n/a 12/03/2016 $0.00
Average Grade: 1.00 g/t 1.00 g/t 12/03/2016 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 03/28/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 15.00M 15.00M 12/03/2016 0.00M
Annual Production: 500,000oz. 500,000oz. 12/03/2016 0oz.
Cash Cost: $700 $700 12/03/2016 $0
Extra Operating Cost: $450 $450 12/03/2016 $0
SILVER 12/03/2016
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 12/03/2016 0.00M
Measured & Indicated: n/a n/a 12/03/2016 0.00M
Inferred: n/a n/a 12/03/2016 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 12/03/2016 0.00M
Measured & Indicated: n/a n/a 12/03/2016 0.00M
Inferred: n/a n/a 12/03/2016 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 12/03/2016 $0.00
Extra Operating Cost: n/a n/a 12/03/2016 $0.00
Average Grade: n/a n/a 12/03/2016 n/a
Recovery Rate: n/a n/a 12/03/2016 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 12/03/2016 0.00M
Annual Production: n/a n/a 12/03/2016 n/a
Cash Cost: n/a n/a 12/03/2016 n/a
Extra Operating Cost: n/a n/a 12/03/2016 n/a

Property

Last Analysis Data  (12/03/2016)
Stage Location Name Owned Type Au Ag Cu Notes
Development Chile Caspiche 100% Both show
20 million oz (.5 gpt) deposit, but they are going to focus on the higher grades and mine much less.

6 billion lbs of copper
40 million oz of silver (1 gpt)
Exploration Chile Magallanes 100% n/a n/a
Exploration Mexico Angeles 100% (guess) n/a show
Early exploration, but they are drilling.
Exploration Mexico La Buena 100% (guess) n/a show
Early exploration.
Current Data
Stage Location Name Owned Type Au Ag Cu Notes
Development Chile Caspiche 100% Both show
20 million oz (.5 gpt) deposit, but they are going to focus on the higher grades and mine much less.

6 billion lbs of copper
40 million oz of silver (1 gpt)
Exploration Chile Magallanes 100% n/a n/a
Exploration Mexico Angeles 100% (guess) n/a show
Early exploration, but they are drilling.
Exploration Mexico La Buena 100% (guess) n/a show
Early exploration.

Profitability (by resource)

Proven &
Probable
12/03/2016
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
12/03/2016
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 15.00M 15.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 74.55M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 9.60M 9.60M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 47.71M
Maximum Profit (Gold): $180.77M $682.75M n/a $501.98M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $180.77M $682.75M n/a $501.98M
Max Profit / Current MCap: 2.468 4.417 n/a 1.950
Max Profit Per Share (Gold): $1.88 $7.11 n/a $5.23
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.88 $7.11 n/a $5.23
Total Free Profit Per Share: $1.12 $5.50 n/a $4.38
FD Mkt. Cap / Gold Eq.: $7.63 $16.10 n/a $8.47
FD Mkt. Cap / Silver Eq.: $0.11 $0.21 n/a $0.11
FD Mkt. Cap / Per Metal
as % Spot Price:
0.65% 1.29% n/a 0.64%

Reserves &
Resources
12/03/2016
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 17.00M 17.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 84.49M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 10.40M 10.40M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 51.69M
Maximum Profit (Gold): $195.83M $739.65M n/a $543.82M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $195.83M $739.65M n/a $543.82M
Max Profit / Current MCap: 2.674 4.786 n/a 2.112
Max Profit Per Share (Gold): $2.04 $7.70 n/a $5.66
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.04 $7.70 n/a $5.66
Total Free Profit Per Share: $1.28 $6.09 n/a $4.82
FD Mkt. Cap / Gold Eq.: $7.04 $14.86 n/a $7.82
FD Mkt. Cap / Silver Eq.: $0.10 $0.20 n/a $0.10
FD Mkt. Cap / Per Metal
as % Spot Price:
0.60% 1.19% n/a 0.59%

Future Valuation (Cash Flow & Totals)

Totals 12/03/2016
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $1,835.96M $1,952.50M n/a $116.53M
Mkt. Cap: $73.25M $154.56M n/a $81.31M
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: $5,625.00M $5,625M n/a $0M
FD Mkt. Cap Growth: 7,579% 3,539% n/a -4,040%
Annual
Production
Gold: 500,000 oz. 500,000 oz. n/a 0 oz.
Silver: n/a n/a n/a n/a
Current FD
Mkt. Cap /
Gold Eq. Reserves: 4.88 10.30 n/a 5.42
Silver Eq. Reserves: 0.20 0.41 n/a 0.22
Gold Eq. Production: 146.50 309.12 n/a 162.62
Silver Eq. Production: 5.86 12.36 n/a 6.50
P&P
Reserves
(oz.)
Gold: 15.00M 15.00M 12/03/2016 n/a
Silver: n/a n/a 12/03/2016 n/a
Gold Eq.: 15.00M 15.00M 12/03/2016 n/a
Silver Eq.: 375.00M 375.00M 12/03/2016 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.156 0.156 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.156 0.156 n/a n/a
Silver Eq.: 3.906 3.906 n/a n/a
Cash Flow 12/03/2016
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: $8.07M $30.48M n/a $22.41M
Multiple @ current prices: 9.08 5.07 n/a -4.01
Growth @ current prices: 0.00% 0.00% n/a 0.00
@ future prices: $405.00M $405.00M n/a $0.00M
Multiple @ future prices: 0.18 0.38 n/a 0.20
Growth @ future prices: 0.00% 0.00% n/a 0.00

Defaults

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