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Category: Mid-tier Producer
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Nevsun Resources
www: www.nevsun.com     email: nevsuninfocontact@nevsun.com

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Notes
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Your Data

Symbol Data

Symbol Currency
NYSE:NSU USD
TSE:NSU CAD

Description

Nevsun Resources are a gold and silver focused mid-tier producer with one producing mine in Eritrea, one mine in development in Serbia and five exploration properties. Currently they produce roughly 40koz. of gold and 1,000koz. of silver per year. They have approximately 0.95Moz. of gold and 25Moz. of silver in the reserves and resources category of which 0.7Moz. of gold and 15Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$1351.6M which is a rise of roughly 27% over the last four months. As of 06/10/2018 they have no debt and ~$150M cash. They have 302M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 06/10/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $1,066.40M $1,351.60M 06/10/2018 $285.20M
Total Assets: $1,218.49M $1,218.49M 06/10/2018 $0.00M
Total Liabilities: $335.53M $335.53M 06/10/2018 $0.00M
Current Assets: $200.00M $200.00M 06/10/2018 $0.00M
Current Liabilities: $83.01M $83.01M 06/10/2018 $0.00M
Total Debt: $0.00M $0.00M 06/10/2018 $0.00M
Cash: $150.00M $150.00M 06/10/2018 $0.00M
Enterprise Value: $916.40M $1,201.60M 01/29/2008 $285.20M
Cash Flow: $46.65M $42.95M never $-3.70M
Cash Flow Multiple: 22.86 31.47 never 8.61
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 06/10/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 06/10/2018 0.00%
Misc 06/10/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 302,000,000 302,000,000 06/10/2018 0
Shares (FD): 310,000,000 310,000,000 06/10/2018 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 06/10/2018 n/a
Production (Gold Eq Oz.): (guess) 
52,913
(guess) 
51,885
06/10/2018 -1,027
Production (Silver Eq Oz.): (guess) 
4,097,674
(guess) 
4,365,451
06/10/2018 267,776
Initial CapEx (Outstanding): n/a n/a 06/10/2018 n/a
Funding Option: n/a n/a 06/10/2018 n/a
Documentation: none PRODUCER 06/10/2018 n/a
Value Adjustment: 50% 50% never 0%

Resource Data

GOLD 06/10/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 0.70M 0.70M 06/10/2018 0.00M
Measured & Indicated: 0.70M 0.70M 06/10/2018 0.00M
Inferred: 0.25M 0.25M 06/10/2018 0.00M
Reserves & Resources: 0.95M 0.95M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 0.56M 0.56M 06/10/2018 0.00M
Measured & Indicated: 0.56M 0.56M 06/10/2018 0.00M
Inferred: 0.10M 0.10M 06/10/2018 0.00M
Reserves & Resources: 0.66M 0.66M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
40,000oz.
(CG) 
40,000oz.
06/10/2018 0oz.
Cash Cost: $1 $1 06/10/2018 $0.00
Extra Operating Cost: $1 $1 06/10/2018 $0.00
Average Grade: 0.70 g/t 0.70 g/t 06/10/2018 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 06/10/2018 0.00%
F
U
T
U
R
E
Proven & Probable: 0.75M 0.75M 06/10/2018 0.00M
Annual Production: 70,000oz. 70,000oz. 06/10/2018 0oz.
Cash Cost: $1 $1 06/10/2018 $0
Extra Operating Cost: $1 $1 06/10/2018 $0
SILVER 06/10/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 14.00M 14.00M 06/10/2018 0.00M
Measured & Indicated: 15.00M 15.00M 06/10/2018 0.00M
Inferred: 10.00M 10.00M 06/10/2018 0.00M
Reserves & Resources: 25.00M 25.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 11.20M 11.20M 06/10/2018 0.00M
Measured & Indicated: 11.84M 11.84M 06/10/2018 0.00M
Inferred: 4.00M 4.00M 06/10/2018 0.00M
Reserves & Resources: 15.84M 15.84M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
1,000,000oz.
(guess) 
1,000,000oz.
06/10/2018 0oz.
Cash Cost: $1 $1 06/10/2018 $0.00
Extra Operating Cost: $1 $1 06/10/2018 $0.00
Average Grade: 30.00 g/t 30.00 g/t 06/10/2018 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 06/10/2018 0.00%
F
U
T
U
R
E
Proven & Probable: 10.00M 10.00M 06/10/2018 0.00M
Annual Production: 500,000oz. 500,000oz. 06/10/2018 0oz.
Cash Cost: $1 $1 06/10/2018 $0
Extra Operating Cost: $1 $1 06/10/2018 $0

Property

Last Analysis Data  (06/10/2018)
Stage Location Name Owned Type Au Ag Cu Notes
Production Africa, Eritrea Bisha 60% Open Pit show
Mostly a copper and zinc mine.
Development Serbia Cukaru Peki 100% (guess) Open Pit show
Large copper project with 3 million oz of gold at 1.5 gpt

25% JV with Freeport
Exploration Asmara, Eritrea Hanging Wall Copper 60% Open Pit n/a
Exploration Asmara, Eritrea Harena 60% Open Pit n/a
Exploration Asmara, Eritrea NW Zone 60% Open Pit n/a
Exploration Cameroon Bibemi 100% (guess) n/a show
Early gold exploration
Exploration Serbia, Serbia Deli-Jovan 100% (guess) n/a show
JV copper / gold project
Current Data
Stage Location Name Owned Type Au Ag Cu Notes
Production Africa, Eritrea Bisha 60% Open Pit show
Mostly a copper and zinc mine.
Development Serbia Cukaru Peki 100% (guess) Open Pit show
Large copper project with 3 million oz of gold at 1.5 gpt

25% JV with Freeport
Exploration Asmara, Eritrea Hanging Wall Copper 60% Open Pit n/a
Exploration Asmara, Eritrea Harena 60% Open Pit n/a
Exploration Asmara, Eritrea NW Zone 60% Open Pit n/a
Exploration Cameroon Bibemi 100% (guess) n/a show
Early gold exploration
Exploration Serbia, Serbia Deli-Jovan 100% (guess) n/a show
JV copper / gold project

Profitability (by resource)

Proven &
Probable
06/10/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 79.47% 80.79% n/a 1.32%
Percentage Silver: 20.53% 19.21% n/a -1.32%
Total (Gold Eq. Oz.): 0.88M 0.87M n/a -0.01M
Total (Silver Eq. Oz.): 68.21M 72.90M n/a 4.69M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.70M 0.69M n/a -0.01M
Silver Eq. Oz.: 54.57M 58.32M n/a 3.75M
Maximum Profit (Gold): $762.46M $717.65M n/a $-44.81M
Maximum Profit (Silver): $173.70M $147.35M n/a $-26.34M
Total Maximum Profit: $936.15M $865.01M n/a $-71.15M
Max Profit / Current MCap: 0.878 0.640 n/a -0.238
Max Profit Per Share (Gold): $2.46 $2.32 n/a $-0.14
Max Profit Per Share (Silver): $0.56 $0.48 n/a $-0.08
Total Max Profit Per Share: $3.02 $2.79 n/a $-0.23
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $1,513.43 $1,950.03 n/a $436.60
FD Mkt. Cap / Silver Eq.: $19.54 $23.18 n/a $3.63
FD Mkt. Cap / Per Metal
as % Spot Price:
116.53% 159.51% n/a 42.98%
Measured &
Indicated
06/10/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 78.33% 79.70% n/a 1.37%
Percentage Silver: 21.67% 20.30% n/a -1.37%
Total (Gold Eq. Oz.): 0.89M 0.88M n/a -0.02M
Total (Silver Eq. Oz.): 69.21M 73.90M n/a 4.69M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.71M 0.70M n/a -0.01M
Silver Eq. Oz.: 55.21M 58.96M n/a 3.75M
Maximum Profit (Gold): $762.46M $717.65M n/a $-44.81M
Maximum Profit (Silver): $183.62M $155.77M n/a $-27.85M
Total Maximum Profit: $946.08M $873.43M n/a $-72.65M
Max Profit / Current MCap: 0.887 0.646 n/a -0.241
Max Profit Per Share (Gold): $2.46 $2.32 n/a $-0.14
Max Profit Per Share (Silver): $0.59 $0.50 n/a $-0.09
Total Max Profit Per Share: $3.05 $2.82 n/a $-0.23
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $1,495.89 $1,928.86 n/a $432.98
FD Mkt. Cap / Silver Eq.: $19.32 $22.93 n/a $3.61
FD Mkt. Cap / Per Metal
as % Spot Price:
115.18% 157.78% n/a 42.60%

Reserves &
Resources
06/10/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 74.64% 76.17% n/a 1.53%
Percentage Silver: 25.36% 23.83% n/a -1.53%
Total (Gold Eq. Oz.): 1.27M 1.25M n/a -0.03M
Total (Silver Eq. Oz.): 98.57M 104.93M n/a 6.36M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.86M 0.85M n/a -0.02M
Silver Eq. Oz.: 66.95M 71.37M n/a 4.42M
Maximum Profit (Gold): $898.61M $845.81M n/a $-52.81M
Maximum Profit (Silver): $245.65M $208.40M n/a $-37.26M
Total Maximum Profit: $1,144.27M $1,054.21M n/a $-90.06M
Max Profit / Current MCap: 1.073 0.780 n/a -0.293
Max Profit Per Share (Gold): $2.90 $2.73 n/a $-0.17
Max Profit Per Share (Silver): $0.79 $0.67 n/a $-0.12
Total Max Profit Per Share: $3.69 $3.40 n/a $-0.29
Total Free Profit Per Share: $0.25 $0.00 n/a $-0.25
FD Mkt. Cap / Gold Eq.: $1,233.49 $1,593.37 n/a $359.88
FD Mkt. Cap / Silver Eq.: $15.93 $18.94 n/a $3.01
FD Mkt. Cap / Per Metal
as % Spot Price:
94.98% 130.34% n/a 35.36%

Future Valuation (Cash Flow & Totals)

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