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Category: Junior: Late Stage Developer
Rating: 3.00   (Potential 5 Bagger as of 07/02/2017)
Risk: Moderate
Midas Gold Corp
www: www.midasgoldcorp.com     email: info@midasgoldcorp.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
OTCMKTS:MDRPF 09/19/2017 USD 0.5800 0.0000 0.8000 - 0.0200 19,442
TSE:MAX 09/19/2017 CAD 0.7100 0.0100 1.0700 - 0.6200 20,000
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Don's Summary (from last analysis - 07/02/2017)

Midas Gold has a very large gold project in Idaho that is heading to production around 2022. Stibnite is a 6.4 million oz resource (1.6 gpt) that is growing in size, and has significant exploration potential. They have a FD market cap of $190 million, and the project will produce 400,000 oz of gold at low cash costs (years 2-8). The low cash costs (around $500 per oz) are from offsets in silver and antimony (used in batteries and flame retardants). Production is forecasted to drop to 300,000 oz in years 9-14, and cash costs will increase, but with exploration success that production drop likely won’t happen.

It's possible that Midas could maintain production at 350,000 oz for 15 years. Also, they could take that cash flow and buy another mine to grow the company. Thus, the upside potential is significant. It pencils to a 5+ bagger at $2500 gold. That said, there are three significant risk issues. 1) They need to get financing without substantially diluting the stock or hedging profit. 2) They need higher gold prices to finance such a large project. 3) They need to get permits in a timely manner. This mine likely won’t begin construction until 2020, so the timeline risk is significant. If they were further along in mine development, with permitting and financing completed, I would like the stock a lot better. That said, it is an economic project at low gold prices and will get built.

Midas will become takeover target once they obtain final permits and the project is de-risked. With Stibnite's large resources and low cash costs, they are likely to get taken out by a major once gold prices rise. The last red flag is their debt. They have $38 million in convertible notes at .27 cents per share. That means they will likely add 142 million shares (this dilution is part of the current FD shares total). It is redeemable in 2020, but I would expect those shares to be converted before then.

They do have 37% insiders, which could prevent a takeover. However, projects this big tend to get taken out by majors.

General Details

Financial 07/02/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $189.85M $197.87M 07/02/2017 $8.01M
Total Assets: $104.66M $104.66M 07/02/2017 $0.00M
Total Liabilities: $66.89M $66.89M 07/02/2017 $0.00M
Current Assets: $33.35M $33.35M 07/02/2017 $0.00M
Current Liabilities: $2.18M $2.18M 07/02/2017 $0.00M
Total Debt: $19.99M $19.99M 07/02/2017 $0.00M
Cash: $33.01M $33.01M 07/02/2017 $0.00M
Enterprise Value: $176.83M $184.85M 11/10/1975 $8.01M
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: 07/02/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 07/02/2017 0.00%
Misc 07/02/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $0.555 $0.579 12:09 on 09/19/2017 $0.02
Shares Outstanding: 180,450,000 180,450,000 07/02/2017 0
Shares Fully Diluted: 342,000,000 342,000,000 07/02/2017 0
Insider Ownership: n/a 37% 07/02/2017 37%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2022 07/02/2017 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
07/02/2017 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
07/02/2017 0
Initial CapEx (Outstanding): $970.00M
510.92% of Mkt.Cap
$970.00M
490.23% of Mkt.Cap
07/02/2017 $0.00M
Funding Option: n/a n/a 07/02/2017 n/a
Documentation: none PFS 07/02/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 07/02/2017
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 07/02/2017 0.00M
Measured & Indicated: 5.40M 5.40M 07/02/2017 0.00M
Inferred: 2.00M 2.00M 07/02/2017 0.00M
Reserves & Resources: 7.40M 7.40M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 07/02/2017 0.00M
Measured & Indicated: 3.67M 3.67M 07/02/2017 0.00M
Inferred: 0.85M 0.85M 07/02/2017 0.00M
Reserves & Resources: 4.52M 4.52M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 07/02/2017 $0.00
Extra Operating Cost: n/a n/a 07/02/2017 $0.00
Average Grade: 1.60 g/t 1.60 g/t 07/02/2017 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 07/02/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 6.00M 6.00M 07/02/2017 0.00M
Annual Production: 350,000oz. 350,000oz. 07/02/2017 0oz.
Cash Cost: $600 $600 07/02/2017 $0
Extra Operating Cost: $400 $400 07/02/2017 $0
SILVER 07/02/2017
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 07/02/2017 0.00M
Measured & Indicated: n/a n/a 07/02/2017 0.00M
Inferred: n/a n/a 07/02/2017 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 07/02/2017 0.00M
Measured & Indicated: n/a n/a 07/02/2017 0.00M
Inferred: n/a n/a 07/02/2017 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 07/02/2017 $0.00
Extra Operating Cost: n/a n/a 07/02/2017 $0.00
Average Grade: n/a n/a 07/02/2017 n/a
Recovery Rate: n/a n/a 07/02/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 07/02/2017 0.00M
Annual Production: n/a n/a 07/02/2017 n/a
Cash Cost: n/a n/a 07/02/2017 n/a
Extra Operating Cost: n/a n/a 07/02/2017 n/a

Property

Last Analysis Data  (07/02/2017)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Idaho, USA Stibnite 100% 10,000 Open Pit show
6.5 million oz resource (1.6 gpt).

3 open pit deposits.

Past producing mine. Historical tailing. Should be easier to permit.

Need permits.

Likely 3 years for permits.

PEA calls for $880 million capex and 350,000 oz of production for 12 years.

Cash costs of only $425 because of offsets in silver and antimony.

All-in costs around $700, but I'm targeting $900.

IRR of 27% after tax at $1400 gold.

NPV of $1.4 billion at $1400 gold.
Total Land Package Size (ha): 10,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Idaho, USA Stibnite 100% 10,000 Open Pit show
6.5 million oz resource (1.6 gpt).

3 open pit deposits.

Past producing mine. Historical tailing. Should be easier to permit.

Need permits.

Likely 3 years for permits.

PEA calls for $880 million capex and 350,000 oz of production for 12 years.

Cash costs of only $425 because of offsets in silver and antimony.

All-in costs around $700, but I'm targeting $900.

IRR of 27% after tax at $1400 gold.

NPV of $1.4 billion at $1400 gold.
Total Land Package Size (ha): 10,000  

Profitability (by resource)

Proven &
Probable
07/02/2017
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
07/02/2017
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.): 5.40M 5.40M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 6.73M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.67M 3.67M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 4.58M
Maximum Profit (Gold): $619.98M $794.25M n/a $174.27M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $619.98M $794.25M n/a $174.27M
Max Profit / Current MCap: 3.266 4.014 n/a 0.749
Max Profit Per Share (Gold): $1.81 $2.32 n/a $0.51
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.81 $2.32 n/a $0.51
Total Free Profit Per Share: $1.09 $1.61 n/a $0.52
FD Mkt. Cap / Gold Eq.: $51.70 $53.88 n/a $2.18
FD Mkt. Cap / Silver Eq.: $0.69 $0.71 n/a $0.02
FD Mkt. Cap / Per Metal
as % Spot Price:
4.17% 4.12% n/a -0.05%

Reserves &
Resources
07/02/2017
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.): 7.40M 7.40M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 9.22M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 4.52M 4.52M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.63M
Maximum Profit (Gold): $763.49M $978.11M n/a $214.61M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $763.49M $978.11M n/a $214.61M
Max Profit / Current MCap: 4.021 4.943 n/a 0.922
Max Profit Per Share (Gold): $2.23 $2.86 n/a $0.63
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.23 $2.86 n/a $0.63
Total Free Profit Per Share: $1.51 $2.15 n/a $0.64
FD Mkt. Cap / Gold Eq.: $41.98 $43.76 n/a $1.77
FD Mkt. Cap / Silver Eq.: $0.56 $0.58 n/a $0.01
FD Mkt. Cap / Per Metal
as % Spot Price:
3.38% 3.34% n/a -0.04%

Future Valuation (Cash Flow & Totals)

Totals 07/02/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $841.91M $887.89M n/a $45.99M
Mkt. Cap: $189.85M $197.87M n/a $8.01M
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: $2,250.00M $2,250M n/a $0M
FD Mkt. Cap Growth: 1,085% 1,037% n/a -48%
Annual
Production
Gold: 350,000 oz. 350,000 oz. n/a 0 oz.
Silver: n/a n/a n/a n/a
Current FD
Mkt. Cap /
Gold Eq. Reserves: 31.64 32.98 n/a 1.34
Silver Eq. Reserves: 1.27 1.32 n/a 0.05
Gold Eq. Production: 542.44 565.33 n/a 22.89
Silver Eq. Production: 21.70 22.61 n/a 0.92
P&P
Reserves
(oz.)
Gold: 6.00M 6.00M 07/02/2017 n/a
Silver: n/a n/a 07/02/2017 n/a
Gold Eq.: 6.00M 6.00M 07/02/2017 n/a
Silver Eq.: 150.00M 150.00M 07/02/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.018 0.018 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.018 0.018 n/a n/a
Silver Eq.: 0.439 0.439 n/a n/a
Cash Flow 07/02/2017
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: $50.65M $64.89M n/a $14.24M
Multiple @ current prices: 3.75 3.05 n/a -0.70
Growth @ current prices: 0.00% 0.00% n/a 0.00
@ future prices: $315.00M $315.00M n/a $0.00M
Multiple @ future prices: 0.60 0.63 n/a 0.03
Growth @ future prices: 0.00% 0.00% n/a 0.00

Defaults

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