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Category: Junior: Late Stage Developer
Rating: 3.00   (Potential 5 Bagger as of 08/10/2017)
Risk: High
Minco Silver Corp.
www: www.mincosilver.ca     email: pr@mincosilver.ca

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Notes
Forum
Your Data

Price Data

Symbol Date Price
OTCMKTS:MISVF 12/11/2017 USD 0.5161
TSE:MSV 12/08/2017 CAD 0.6700
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Don's Summary (from last analysis - 08/10/2017)

Minco Silver is highly undervalued. They have a large high grade deposit (150 million oz and growing) that is an anomaly. It is high grade at 6 opt and is near surface. Thus, it will be a low cost ($6 per oz cash costs) / high profit mine. The cash flow could be strong once production begins at 5.5 million oz, and then they will continue to ramp up production to perhaps 7 million oz. Fuwan is a 45,000 acre property with a 6 mile strike length.

The feasibility study calls for 3,000 tpd (5.5 million oz annually) and a capex of only $73 million. That is the lowest capex I have seen for a 3,000 tpd mine. They have $40 million in cash and investments, so financing will be easy. All they need are three final permits: the environmental impact, mining design approval, and the mining license. One red flag is that these permits have been difficult to obtain.

The only thing not to like (if they get their permits) about this stock is the location (China), which could keep investors away. But even in China, this stock should be a 10+ bagger at higher silver prices. They have a $56 million fully diluted market cap, which is highly undervalued. They had a stock price of $6 in 2011 and now it is down to 84 cents, without any share dilution.

As a speculation stock, this might be a good one. Buying silver in the ground for 56 cents an oz, for a company that thinks they might have another 150 million oz of silver on their 45,000 acre property, is a good bet. I think this stock has 25 bagger potential if they expand their resources and silver prices rise to $100. They also own 51% of the Changkeng gold project, which is next to Fuwan. It is a 500,000 oz resource (their share) at 4 gpt, and a low cost surface mine.

General Details

Financial 08/10/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $56.15M $33.89M 08/10/2017 $-22.26M
Total Assets: $87.52M $86.73M 08/10/2017 $-0.79M
Total Liabilities: $9.27M $9.19M 08/10/2017 $-0.08M
Current Assets: $40.58M $40.21M 08/10/2017 $-0.37M
Current Liabilities: $0.42M $0.41M 08/10/2017 $0.00M
Total Debt: $0.00M $0.00M 08/10/2017 $0.00M
Cash: $39.60M $39.25M 08/10/2017 $-0.36M
Enterprise Value: $16.55M $-5.35M 10/30/1969 $-21.90M
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: 08/10/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 08/10/2017 0.00%
Misc 08/10/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $0.864 $0.521 15:12 on 12/08/2017 $-0.34
Shares Outstanding: 60,520,000 60,520,000 08/10/2017 0
Shares Fully Diluted: 65,000,000 65,000,000 08/10/2017 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a 01/01/2021 08/10/2017 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
08/10/2017 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
08/10/2017 0
Initial CapEx (Outstanding): $73.00M
130.01% of Mkt.Cap
$73.00M
215.39% of Mkt.Cap
08/10/2017 $0.00M
Funding Option: n/a n/a 08/10/2017 n/a
Documentation: none FS 08/10/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 08/10/2017
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 08/10/2017 0.00M
Measured & Indicated: 0.35M 0.35M 08/10/2017 0.00M
Inferred: 0.15M 0.15M 08/10/2017 0.00M
Reserves & Resources: 0.50M 0.50M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 08/10/2017 0.00M
Measured & Indicated: 0.25M 0.25M 08/10/2017 0.00M
Inferred: 0.07M 0.07M 08/10/2017 0.00M
Reserves & Resources: 0.32M 0.32M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 08/10/2017 $0.00
Extra Operating Cost: n/a n/a 08/10/2017 $0.00
Average Grade: 4.00 g/t 4.00 g/t 08/10/2017 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 08/10/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 0.50M 0.50M 08/10/2017 0.00M
Annual Production: 35,000oz. 35,000oz. 08/10/2017 0oz.
Cash Cost: $700 $700 08/10/2017 $0
Extra Operating Cost: $400 $400 08/10/2017 $0
SILVER 08/10/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 50.00M 50.00M 08/10/2017 0.00M
Measured & Indicated: 82.00M 82.00M 08/10/2017 0.00M
Inferred: 57.00M 57.00M 08/10/2017 0.00M
Reserves & Resources: 139.00M 139.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 45.00M 45.00M 08/10/2017 0.00M
Measured & Indicated: 68.04M 68.04M 08/10/2017 0.00M
Inferred: 25.65M 25.65M 08/10/2017 0.00M
Reserves & Resources: 93.69M 93.69M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 08/10/2017 $0.00
Extra Operating Cost: n/a n/a 08/10/2017 $0.00
Average Grade: 180.00 g/t 180.00 g/t 08/10/2017 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 08/10/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 100.00M 100.00M 08/10/2017 0.00M
Annual Production: 5,500,000oz. 5,500,000oz. 08/10/2017 0oz.
Cash Cost: $8 $8 08/10/2017 $0
Extra Operating Cost: $7 $7 08/10/2017 $0

Property

Last Analysis Data  (08/10/2017)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Guangzhou, China (PR) Fuwan 90% 17,000 Open Pit show
150 million oz deposit (180 gpt).

Feasibility Study
$73 capex
3,000 tpd (5.5 million oz year)
Cash costs $6 per oz

Need permits (EIA and Mining), then financing.
Exploration China, China (PR) Changkeng 51% (guess) n/a n/a show
1 million oz deposit (3.5 gpt)
Total Land Package Size (ha): 17,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Guangzhou, China (PR) Fuwan 90% 17,000 Open Pit show
150 million oz deposit (180 gpt).

Feasibility Study
$73 capex
3,000 tpd (5.5 million oz year)
Cash costs $6 per oz

Need permits (EIA and Mining), then financing.
Exploration China, China (PR) Changkeng 51% (guess) n/a n/a show
1 million oz deposit (3.5 gpt)
Total Land Package Size (ha): 17,000  

Profitability (by resource)

Proven &
Probable
08/10/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.03M
Total (Silver Eq. Oz.): 50.00M 50.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.03M
Silver Eq. Oz.: 45.00M 45.00M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $67.10M $23.00M n/a $-44.10M
Total Maximum Profit: $67.10M $23.00M n/a $-44.10M
Max Profit / Current MCap: 1.195 0.678 n/a -0.516
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $1.03 $0.35 n/a $-0.68
Total Max Profit Per Share: $1.03 $0.35 n/a $-0.68
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $93.75 $59.58 n/a $-34.16
FD Mkt. Cap / Silver Eq.: $1.25 $0.75 n/a $-0.49
FD Mkt. Cap / Per Metal
as % Spot Price:
7.28% 4.79% n/a -2.50%
Measured &
Indicated
08/10/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 24.28% 25.24% n/a 0.96%
Percentage Silver: 75.72% 74.76% n/a -0.96%
Total (Gold Eq. Oz.): 1.44M 1.39M n/a -0.05M
Total (Silver Eq. Oz.): 108.30M 109.69M n/a 1.39M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.16M 1.11M n/a -0.05M
Silver Eq. Oz.: 86.97M 87.98M n/a 1.00M
Maximum Profit (Gold): $32.99M $25.47M n/a $-7.51M
Maximum Profit (Silver): $101.45M $34.77M n/a $-66.68M
Total Maximum Profit: $134.43M $60.24M n/a $-74.19M
Max Profit / Current MCap: 2.394 1.777 n/a -0.617
Max Profit Per Share (Gold): $0.51 $0.39 n/a $-0.12
Max Profit Per Share (Silver): $1.56 $0.53 n/a $-1.03
Total Max Profit Per Share: $2.07 $0.93 n/a $-1.14
Total Free Profit Per Share: $0.97 $0.26 n/a $-0.71
FD Mkt. Cap / Gold Eq.: $48.50 $30.48 n/a $-18.03
FD Mkt. Cap / Silver Eq.: $0.65 $0.39 n/a $-0.26
FD Mkt. Cap / Per Metal
as % Spot Price:
3.77% 2.45% n/a -1.32%

Reserves &
Resources
08/10/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 21.28% 22.15% n/a 0.87%
Percentage Silver: 78.72% 77.85% n/a -0.87%
Total (Gold Eq. Oz.): 2.35M 2.26M n/a -0.09M
Total (Silver Eq. Oz.): 176.57M 178.55M n/a 1.99M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.57M 1.50M n/a -0.06M
Silver Eq. Oz.: 117.69M 118.97M n/a 1.27M
Maximum Profit (Gold): $41.82M $32.30M n/a $-9.53M
Maximum Profit (Silver): $139.69M $47.88M n/a $-91.82M
Total Maximum Profit: $181.51M $80.17M n/a $-101.34M
Max Profit / Current MCap: 3.233 2.365 n/a -0.867
Max Profit Per Share (Gold): $0.64 $0.50 n/a $-0.15
Max Profit Per Share (Silver): $2.15 $0.74 n/a $-1.41
Total Max Profit Per Share: $2.79 $1.23 n/a $-1.56
Total Free Profit Per Share: $1.69 $0.56 n/a $-1.13
FD Mkt. Cap / Gold Eq.: $35.84 $22.54 n/a $-13.31
FD Mkt. Cap / Silver Eq.: $0.48 $0.28 n/a $-0.19
FD Mkt. Cap / Per Metal
as % Spot Price:
2.79% 1.81% n/a -0.97%

Future Valuation (Cash Flow & Totals)

Totals 08/10/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $302.42M $280.70M n/a $-21.72M
Mkt. Cap: $56.15M $33.89M n/a $-22.26M
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: $1,687.50M $1,688M n/a $0M
FD Mkt. Cap Growth: 2,905% 4,879% n/a 1,974%
Annual
Production
Gold: 35,000 oz. 35,000 oz. n/a 0 oz.
Silver: 5,500,000 oz. 5,500,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 12.48 7.53 n/a -4.95
Silver Eq. Reserves: 0.50 0.30 n/a -0.20
Gold Eq. Production: 220.19 132.91 n/a -87.28
Silver Eq. Production: 8.81 5.32 n/a -3.49
P&P
Reserves
(oz.)
Gold: 0.50M 0.50M 08/10/2017 n/a
Silver: 100.00M 100.00M 08/10/2017 n/a
Gold Eq.: 4.50M 4.50M 08/10/2017 n/a
Silver Eq.: 112.50M 112.50M 08/10/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.008 0.008 n/a n/a
Silver: 1.538 1.538 n/a n/a
Gold Eq.: 0.069 0.069 n/a n/a
Silver Eq.: 1.731 1.731 n/a n/a
Cash Flow 08/10/2017
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: $10.96M $5.44M n/a $-5.51M
Multiple @ current prices: 5.12 6.23 n/a 1.10
Growth @ current prices: 0.00% 0.00% n/a 0.00
@ future prices: $309.90M $309.90M n/a $0.00M
Multiple @ future prices: 0.18 0.11 n/a -0.07
Growth @ future prices: 0.00% 0.00% n/a 0.00

Defaults

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