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Category: Mid-tier Producer
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Tahoe Resources Inc
www: www.tahoeresourcesinc.com     email: investors@tahoeresourcesinc.com

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Notes
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Symbol Data

Symbol Currency
NYSE:TAHO USD
TSE:THO CAD

Description

Tahoe Resources Inc are a gold and silver focused mid-tier producer with three producing mines in Canada and Peru, two mines in development in Guatemala and Peru and exploration properties. Currently they produce roughly 450koz. of gold and 20.0Moz. of silver per year. They have approximately 22Moz. of gold and 400Moz. of silver in the reserves and resources category of which 14Moz. of gold and 350Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$1527M which is a fall of roughly 3% over the last four months. As of 03/25/2018 they have no debt and ~$90M cash. They have 313M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 03/25/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $1,581.00M $1,527.00M 03/25/2018 $-54.00M
Total Assets: $3,127.53M $3,127.53M 03/25/2018 $0.00M
Total Liabilities: $485.85M $485.85M 03/25/2018 $0.00M
Current Assets: $348.00M $348.00M 03/25/2018 $0.00M
Current Liabilities: $169.88M $169.88M 03/25/2018 $0.00M
Total Debt: $0.00M $0.00M 03/25/2018 $0.00M
Cash: $90.00M $90.00M 03/25/2018 $0.00M
Enterprise Value: $1,491.00M $1,437.00M 07/15/2015 $-54.00M
Cash Flow: $113.16M $56.22M never $-56.94M
Cash Flow Multiple: 13.97 27.16 never 13.19
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 03/25/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 03/25/2018 0.00%
Misc 03/25/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 312,780,000 312,780,000 03/25/2018 0
Shares (FD): 325,000,000 325,000,000 03/25/2018 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2014 03/25/2018 n/a
Production (Gold Eq Oz.): (guess) 
695,471
(guess) 
700,164
03/25/2018 4,693
Production (Silver Eq Oz.): (guess) 
56,664,247
(guess) 
55,976,440
03/25/2018 -687,807
Initial CapEx (Outstanding): n/a n/a 03/25/2018 n/a
Funding Option: n/a n/a 03/25/2018 n/a
Documentation: none PRODUCER 03/25/2018 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 03/25/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 3.70M 3.70M 03/25/2018 0.00M
Measured & Indicated: 14.00M 14.00M 03/25/2018 0.00M
Inferred: 8.00M 8.00M 03/25/2018 0.00M
Reserves & Resources: 22.00M 22.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 2.59M 2.59M 03/25/2018 0.00M
Measured & Indicated: 8.36M 8.36M 03/25/2018 0.00M
Inferred: 2.80M 2.80M 03/25/2018 0.00M
Reserves & Resources: 11.16M 11.16M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
450,000oz.
(guess) 
450,000oz.
03/25/2018 0oz.
Cash Cost: $750 $750 03/25/2018 $0.00
Extra Operating Cost: $350 $350 03/25/2018 $0.00
Average Grade: 0.30 g/t 0.30 g/t 03/25/2018 n/a
Recovery Rate: (CG)  70.00% (CG)  70.00% 03/25/2018 0.00%
F
U
T
U
R
E
Proven & Probable: 15.00M 15.00M 03/25/2018 0.00M
Annual Production: 500,000oz. 500,000oz. 03/25/2018 0oz.
Cash Cost: $800 $800 03/25/2018 $0
Extra Operating Cost: $400 $400 03/25/2018 $0
SILVER 03/25/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 350.00M 350.00M 03/25/2018 0.00M
Measured & Indicated: 350.00M 350.00M 03/25/2018 0.00M
Inferred: 50.00M 50.00M 03/25/2018 0.00M
Reserves & Resources: 400.00M 400.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 287.00M 287.00M 03/25/2018 0.00M
Measured & Indicated: 287.00M 287.00M 03/25/2018 0.00M
Inferred: 20.50M 20.50M 03/25/2018 0.00M
Reserves & Resources: 307.50M 307.50M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
20,000,000oz.
(guess) 
20,000,000oz.
03/25/2018 0oz.
Cash Cost: $8 $8 03/25/2018 $0.00
Extra Operating Cost: $6 $6 03/25/2018 $0.00
Average Grade: 350.00 g/t 350.00 g/t 03/25/2018 n/a
Recovery Rate: (CG)  82.00% (CG)  82.00% 03/25/2018 0.00%
F
U
T
U
R
E
Proven & Probable: 350.00M 350.00M 03/25/2018 0.00M
Annual Production: 20,000,000oz. 20,000,000oz. 03/25/2018 0oz.
Cash Cost: $8 $8 03/25/2018 $0
Extra Operating Cost: $7 $7 03/25/2018 $0

Property

Last Analysis Data  (03/25/2018)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Canada Bell Creek Complex 100% n/a Underground show
2 million oz underground mine 4.5 gpt
Production Ontario, Canada Timmins West 100% n/a Underground show
2.7 million oz underground mine (5 gpt)
Production Huamachuco, Peru La Arena 100% 27,000 Open Pit show
Currently mining oxide gold at 200,000 oz per year until 2017.

Then they will mine mostly copper, with only 40,000 oz gold annually. But it is a large property with gold oxide exploration potential.
Development San Rafael Las Flores, Guatemala Escobal 100% 200,000 Underground show
Huge 20 million oz per year silver mine. Low cash costs from gold, lead, and zinc offsets.
Development Peru Shahuindo 100% n/a Open Pit show
Expected production of 90,000 gold equivalent oz (including silver) in 2014. Double production in 2016.
Exploration Timmins, Ontario, Canada 144 100% n/a n/a n/a
Exploration Ontario, Canada Croxall 100% 1,000 n/a n/a
Exploration Val D'or, Canada East Sullivan 100% n/a n/a show
Early exploration
Exploration Ontario, Canada Fenn-Gib 100% n/a Open Pit show
2 million oz open pit project (1 gpt)
Exploration Timmins, Ontario, Canada Gold River Trend 255% n/a n/a n/a
Exploration Ontario, Canada Golden Lake 100% 250 Open Pit show
Near Juby Main deposit.
Exploration Ontario, Canada Gowganda 100% 200 Open Pit show
O'Brien past producing mine (40 million oz produced). 3 million oz deposit at 50 gpt.
Exploration Ontario, Canada Juby 100% 2,000 Open Pit show
4 million oz open pit at 1 gpt.
Exploration Ontario, Canada Juby Main 100% 275 Open Pit show
Main deposit is 1.5 million oz (1 gpt).
Exploration Latchford, Ontario, Canada Latchford 100% n/a n/a n/a
Exploration Canada Marlhill 100% n/a n/a n/a
Exploration Kenora, Ontario, Canada Uranium Project 100% n/a n/a n/a
Exploration Canada Vogel 100% n/a n/a n/a
Exploration Ontario, Canada Webequie 100% n/a n/a n/a
Exploration Timmins Ontario, Canada Whitney 60% 800 Open Pit show
Whitney JV with Goldcorp. PEA due.

1 million oz deposit.
Exploration Latchford, Ontario, Canada Wilson Lake 100% n/a n/a n/a
Exploration Peru, Peru La Arena 100% (guess) n/a Open Pit show
3.5 million oz open pit

200,000 oz per year.
Total Land Package Size (ha): 231,525  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Canada Bell Creek Complex 100% n/a Underground show
2 million oz underground mine 4.5 gpt
Production Ontario, Canada Timmins West 100% n/a Underground show
2.7 million oz underground mine (5 gpt)
Production Huamachuco, Peru La Arena 100% 27,000 Open Pit show
Currently mining oxide gold at 200,000 oz per year until 2017.

Then they will mine mostly copper, with only 40,000 oz gold annually. But it is a large property with gold oxide exploration potential.
Development San Rafael Las Flores, Guatemala Escobal 100% 200,000 Underground show
Huge 20 million oz per year silver mine. Low cash costs from gold, lead, and zinc offsets.
Development Peru Shahuindo 100% n/a Open Pit show
Expected production of 90,000 gold equivalent oz (including silver) in 2014. Double production in 2016.
Exploration Timmins, Ontario, Canada 144 100% n/a n/a n/a
Exploration Ontario, Canada Croxall 100% 1,000 n/a n/a
Exploration Val D'or, Canada East Sullivan 100% n/a n/a show
Early exploration
Exploration Ontario, Canada Fenn-Gib 100% n/a Open Pit show
2 million oz open pit project (1 gpt)
Exploration Timmins, Ontario, Canada Gold River Trend 255% n/a n/a n/a
Exploration Ontario, Canada Golden Lake 100% 250 Open Pit show
Near Juby Main deposit.
Exploration Ontario, Canada Gowganda 100% 200 Open Pit show
O'Brien past producing mine (40 million oz produced). 3 million oz deposit at 50 gpt.
Exploration Ontario, Canada Juby 100% 2,000 Open Pit show
4 million oz open pit at 1 gpt.
Exploration Ontario, Canada Juby Main 100% 275 Open Pit show
Main deposit is 1.5 million oz (1 gpt).
Exploration Latchford, Ontario, Canada Latchford 100% n/a n/a n/a
Exploration Canada Marlhill 100% n/a n/a n/a
Exploration Kenora, Ontario, Canada Uranium Project 100% n/a n/a n/a
Exploration Canada Vogel 100% n/a n/a n/a
Exploration Ontario, Canada Webequie 100% n/a n/a n/a
Exploration Timmins Ontario, Canada Whitney 60% 800 Open Pit show
Whitney JV with Goldcorp. PEA due.

1 million oz deposit.
Exploration Latchford, Ontario, Canada Wilson Lake 100% n/a n/a n/a
Exploration Peru, Peru La Arena 100% (guess) n/a Open Pit show
3.5 million oz open pit

200,000 oz per year.
Total Land Package Size (ha): 231,525  

Profitability (by resource)

Proven &
Probable
03/25/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 46.27% 45.80% n/a -0.47%
Percentage Silver: 53.73% 54.20% n/a 0.47%
Total (Gold Eq. Oz.): 8.00M 8.08M n/a 0.08M
Total (Silver Eq. Oz.): 651.46M 645.81M n/a -5.66M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.11M 6.18M n/a 0.07M
Silver Eq. Oz.: 498.02M 494.06M n/a -3.96M
Maximum Profit (Gold): $447.45M $220.46M n/a $-226.99M
Maximum Profit (Silver): $508.28M $257.15M n/a $-251.13M
Total Maximum Profit: $955.73M $477.61M n/a $-478.11M
Max Profit / Current MCap: 0.605 0.313 n/a -0.292
Max Profit Per Share (Gold): $1.38 $0.68 n/a $-0.70
Max Profit Per Share (Silver): $1.56 $0.79 n/a $-0.77
Total Max Profit Per Share: $2.94 $1.47 n/a $-1.47
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $258.65 $247.09 n/a $-11.56
FD Mkt. Cap / Silver Eq.: $3.17 $3.09 n/a $-0.08
FD Mkt. Cap / Per Metal
as % Spot Price:
19.20% 20.23% n/a 1.02%
Measured &
Indicated
03/25/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 76.52% 76.18% n/a -0.34%
Percentage Silver: 23.48% 23.82% n/a 0.34%
Total (Gold Eq. Oz.): 18.30M 18.38M n/a 0.08M
Total (Silver Eq. Oz.): 1,490.67M 1,469.27M n/a -21.40M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 11.88M 11.95M n/a 0.07M
Silver Eq. Oz.: 967.98M 955.20M n/a -12.77M
Maximum Profit (Gold): $1,443.93M $711.43M n/a $-732.50M
Maximum Profit (Silver): $508.28M $257.15M n/a $-251.13M
Total Maximum Profit: $1,952.21M $968.58M n/a $-983.62M
Max Profit / Current MCap: 1.235 0.634 n/a -0.600
Max Profit Per Share (Gold): $4.44 $2.19 n/a $-2.25
Max Profit Per Share (Silver): $1.56 $0.79 n/a $-0.77
Total Max Profit Per Share: $6.01 $2.98 n/a $-3.03
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $133.08 $127.81 n/a $-5.27
FD Mkt. Cap / Silver Eq.: $1.63 $1.60 n/a $-0.03
FD Mkt. Cap / Per Metal
as % Spot Price:
9.88% 10.46% n/a 0.58%

Reserves &
Resources
03/25/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 81.76% 81.47% n/a -0.29%
Percentage Silver: 18.24% 18.53% n/a 0.29%
Total (Gold Eq. Oz.): 26.91M 27.00M n/a 0.09M
Total (Silver Eq. Oz.): 2,192.47M 2,158.85M n/a -33.63M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 14.93M 15.00M n/a 0.07M
Silver Eq. Oz.: 1,216.61M 1,199.56M n/a -17.05M
Maximum Profit (Gold): $1,927.66M $949.77M n/a $-977.89M
Maximum Profit (Silver): $544.58M $275.52M n/a $-269.06M
Total Maximum Profit: $2,472.24M $1,225.29M n/a $-1,246.95M
Max Profit / Current MCap: 1.564 0.802 n/a -0.761
Max Profit Per Share (Gold): $5.93 $2.92 n/a $-3.01
Max Profit Per Share (Silver): $1.68 $0.85 n/a $-0.83
Total Max Profit Per Share: $7.61 $3.77 n/a $-3.84
Total Free Profit Per Share: $1.34 $0.00 n/a $-1.34
FD Mkt. Cap / Gold Eq.: $105.88 $101.77 n/a $-4.11
FD Mkt. Cap / Silver Eq.: $1.30 $1.27 n/a $-0.03
FD Mkt. Cap / Per Metal
as % Spot Price:
7.86% 8.33% n/a 0.47%

Future Valuation (Cash Flow & Totals)

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