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Category: Major
Rating: 1.50   (Potential 2 Bagger as of 06/14/2017)
Risk: Low
Fresnillo Plc
www: www.fresnilloplc.com     email: ir@fresnilloplc.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price
LON:FRES 01/22/2018 GBX 1,394.00
OTCMKTS:FNLPF 01/18/2018 USD 19.1000
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Don's Summary (from last analysis - 06/14/2017)

Fresnillo is a major with a FD market cap of $15 billion and is the largest silver producer at 50 million oz per year. They plan to expand production to 65 million oz by 2018. This is a very profitable company with low cash costs. They have large resources at 2 billion oz of silver and 38 million oz of gold. If you consider their gold production (900,000 oz in 2017) as an offset, they are a negative cost silver producer. Even if you do not consider their gold as an offset, they are a low cost producer at around $6 per oz cash costs. All-in costs for silver are about $10 per oz, and all-in costs for gold are about $950 per oz.

A 65 million oz silver producer with negative cash costs could be worth an incredible amount, if silver prices reach $100. I like everything about this company except its high valuation. I wish I would have bought this stock at $1.60 back in 2008. Today it trades at $21.50. Fresnillo should double in value if silver prices rise, and perhaps even a bit more. It pays about a 1% dividend. Penoles owns 75% of the shares, and would like to be paid dividends. All operations are currently in Mexico, with exploration also in Chile and Peru.

General Details

Financial 06/14/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $15,857.39M $14,334.04M 06/14/2017 $-1,523.35M
Total Assets: $4,300.00M $4,300.00M 06/14/2017 $0.00M
Total Liabilities: $1,600.00M $1,600.00M 06/14/2017 $0.00M
Current Assets: $1,400.00M $1,400.00M 06/14/2017 $0.00M
Current Liabilities: $154.00M $154.00M 06/14/2017 $0.00M
Total Debt: $800.00M $800.00M 06/14/2017 $0.00M
Cash: $900.00M $900.00M 06/14/2017 $0.00M
Enterprise Value: $15,757.39M $14,234.04M 01/21/2421 $-1,523.35M
Cash Flow: $465.51M $517.64M never $52.14M
Cash Flow Multiple: 34.06 27.69 never -6.37
Net Debt to Cash Flow Ratio: n/a n/a never 0.00
Finance within 1 year: No No 06/14/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 06/14/2017 0.00%
Misc 06/14/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $21.516 $19.449 11:01 on 01/22/2018 $-2.07
Shares Outstanding: 737,000,000 737,000,000 06/14/2017 0
Shares Fully Diluted: 737,000,000 737,000,000 06/14/2017 0
Insider Ownership: n/a 75% 06/14/2017 75%
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 06/14/2017 n/a
Production (Gold Eq Oz.): (guess) 
1,568,838
(guess) 
1,533,935
06/14/2017 -34,903
Production (Silver Eq Oz.): (guess) 
117,280,879
(guess) 
120,985,242
06/14/2017 3,704,363
Initial CapEx (Outstanding): n/a n/a 06/14/2017 n/a
Funding Option: n/a n/a 06/14/2017 n/a
Documentation: none PRODUCER 06/14/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 06/14/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 9.50M 9.50M 06/14/2017 0.00M
Measured & Indicated: 28.00M 28.00M 06/14/2017 0.00M
Inferred: 9.00M 9.00M 06/14/2017 0.00M
Reserves & Resources: 37.00M 37.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 8.08M 8.08M 06/14/2017 0.00M
Measured & Indicated: 20.66M 20.66M 06/14/2017 0.00M
Inferred: 3.83M 3.83M 06/14/2017 0.00M
Reserves & Resources: 24.48M 24.48M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
900,000oz.
(guess) 
900,000oz.
06/14/2017 0oz.
Cash Cost: $600 $600 06/14/2017 $0.00
Extra Operating Cost: $300 $300 06/14/2017 $0.00
Average Grade: 1.30 g/t 1.30 g/t 06/14/2017 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 06/14/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 25.00M 25.00M 06/14/2017 0.00M
Annual Production: 900,000oz. 900,000oz. 06/14/2017 0oz.
Cash Cost: $700 $700 06/14/2017 $0
Extra Operating Cost: $300 $300 06/14/2017 $0
SILVER 06/14/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 530.00M 530.00M 06/14/2017 0.00M
Measured & Indicated: 1,000.00M 1,000.00M 06/14/2017 0.00M
Inferred: 900.00M 900.00M 06/14/2017 0.00M
Reserves & Resources: 1,900.00M 1,900.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 450.50M 450.50M 06/14/2017 0.00M
Measured & Indicated: 770.10M 770.10M 06/14/2017 0.00M
Inferred: 382.50M 382.50M 06/14/2017 0.00M
Reserves & Resources: 1,152.60M 1,152.60M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
50,000,000oz.
(guess) 
50,000,000oz.
06/14/2017 0oz.
Cash Cost: $6 $6 06/14/2017 $0.00
Extra Operating Cost: $4 $4 06/14/2017 $0.00
Average Grade: 300.00 g/t 300.00 g/t 06/14/2017 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 06/14/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 850.00M 850.00M 06/14/2017 0.00M
Annual Production: 60,000,000oz. 60,000,000oz. 06/14/2017 0oz.
Cash Cost: $7 $7 06/14/2017 $0
Extra Operating Cost: $5 $5 06/14/2017 $0

Property

Last Analysis Data  (06/14/2017)
Stage Location Name Owned Type Au Ag Cu Notes
Production Santiago Papasquiaro, Mexico Cienega 100% n/a n/a
Production Santiago Papasquiaro, Mexico Fresnillo 100% n/a show
6 producing mines. 9 projects heading to production by 2018.
Production Caborca, Mexico Herradura 56% n/a n/a
Production Caborca, Mexico Noche Buena 56% n/a n/a
Production Zacatecas, Mexico Saucito 100% n/a n/a
Production Caborca, Mexico Soledad and Dipolos 56% n/a n/a
Development Zacatecas, Mexico Juanicipio 56% n/a n/a
Exploration Mexico Parrena 100% n/a n/a
Exploration Mexico Penmont 100% n/a n/a
Exploration Mexico San Julian 100% n/a n/a
Current Data
Stage Location Name Owned Type Au Ag Cu Notes
Production Santiago Papasquiaro, Mexico Cienega 100% n/a n/a
Production Santiago Papasquiaro, Mexico Fresnillo 100% n/a show
6 producing mines. 9 projects heading to production by 2018.
Production Caborca, Mexico Herradura 56% n/a n/a
Production Caborca, Mexico Noche Buena 56% n/a n/a
Production Zacatecas, Mexico Saucito 100% n/a n/a
Production Caborca, Mexico Soledad and Dipolos 56% n/a n/a
Development Zacatecas, Mexico Juanicipio 56% n/a n/a
Exploration Mexico Parrena 100% n/a n/a
Exploration Mexico Penmont 100% n/a n/a
Exploration Mexico San Julian 100% n/a n/a

Profitability (by resource)

Proven &
Probable
06/14/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 57.26% 58.57% n/a 1.31%
Percentage Silver: 42.74% 41.43% n/a -1.31%
Total (Gold Eq. Oz.): 16.59M 16.22M n/a -0.37M
Total (Silver Eq. Oz.): 1,240.19M 1,279.29M n/a 39.10M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 14.10M 13.79M n/a -0.31M
Silver Eq. Oz.: 1,054.16M 1,087.40M n/a 33.24M
Maximum Profit (Gold): $2,028.68M $2,465.06M n/a $436.37M
Maximum Profit (Silver): $2,156.99M $2,188.53M n/a $31.54M
Total Maximum Profit: $4,185.68M $4,653.58M n/a $467.91M
Max Profit / Current MCap: 0.264 0.325 n/a 0.061
Max Profit Per Share (Gold): $2.75 $3.34 n/a $0.59
Max Profit Per Share (Silver): $2.93 $2.97 n/a $0.04
Total Max Profit Per Share: $5.68 $6.31 n/a $0.63
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $1,124.54 $1,039.70 n/a $-84.84
FD Mkt. Cap / Silver Eq.: $15.04 $13.18 n/a $-1.86
FD Mkt. Cap / Per Metal
as % Spot Price:
89.33% 77.82% n/a -11.51%
Measured &
Indicated
06/14/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 67.67% 68.83% n/a 1.16%
Percentage Silver: 32.33% 31.17% n/a -1.16%
Total (Gold Eq. Oz.): 41.38M 40.68M n/a -0.70M
Total (Silver Eq. Oz.): 3,093.18M 3,208.43M n/a 115.25M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 30.96M 30.42M n/a -0.54M
Silver Eq. Oz.: 2,314.20M 2,399.21M n/a 85.02M
Maximum Profit (Gold): $5,189.16M $6,305.35M n/a $1,116.20M
Maximum Profit (Silver): $3,687.24M $3,741.15M n/a $53.91M
Total Maximum Profit: $8,876.39M $10,046.50M n/a $1,170.10M
Max Profit / Current MCap: 0.560 0.701 n/a 0.141
Max Profit Per Share (Gold): $7.04 $8.56 n/a $1.51
Max Profit Per Share (Silver): $5.00 $5.08 n/a $0.07
Total Max Profit Per Share: $12.04 $13.63 n/a $1.59
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $512.25 $471.22 n/a $-41.03
FD Mkt. Cap / Silver Eq.: $6.85 $5.97 n/a $-0.88
FD Mkt. Cap / Per Metal
as % Spot Price:
40.69% 35.27% n/a -5.42%

Reserves &
Resources
06/14/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 59.28% 60.57% n/a 1.29%
Percentage Silver: 40.72% 39.43% n/a -1.29%
Total (Gold Eq. Oz.): 62.42M 61.09M n/a -1.33M
Total (Silver Eq. Oz.): 4,665.99M 4,818.28M n/a 152.29M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 39.90M 39.09M n/a -0.80M
Silver Eq. Oz.: 2,982.64M 3,083.40M n/a 100.76M
Maximum Profit (Gold): $6,150.11M $7,473.01M n/a $1,322.90M
Maximum Profit (Silver): $5,518.65M $5,599.33M n/a $80.68M
Total Maximum Profit: $11,668.76M $13,072.34M n/a $1,403.58M
Max Profit / Current MCap: 0.736 0.912 n/a 0.176
Max Profit Per Share (Gold): $8.34 $10.14 n/a $1.79
Max Profit Per Share (Silver): $7.49 $7.60 n/a $0.11
Total Max Profit Per Share: $15.83 $17.74 n/a $1.90
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $397.45 $366.66 n/a $-30.79
FD Mkt. Cap / Silver Eq.: $5.32 $4.65 n/a $-0.67
FD Mkt. Cap / Per Metal
as % Spot Price:
31.57% 27.44% n/a -4.13%

Future Valuation (Cash Flow & Totals)

Totals 06/14/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $7,534.15M $7,834.92M n/a $300.77M
Mkt. Cap: $15,857.39M $14,334.04M n/a $-1,523.35M
Annual Gold Production: (guess) 
900,000oz.
(guess) 
900,000oz.
06/14/2017 0oz.
Annual Silver Production: (guess) 
50,000,000oz.
(guess) 
50,000,000oz.
06/14/2017 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $22,125.00M $22,125M n/a $0M
FD Mkt. Cap Growth: 40% 54% n/a 15%
Annual
Production
Gold: 900,000 oz. 900,000 oz. n/a 0 oz.
Silver: 60,000,000 oz. 60,000,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 268.77 242.95 n/a -25.82
Silver Eq. Reserves: 10.75 9.72 n/a -1.03
Gold Eq. Production: 4,805.27 4,343.65 n/a -461.62
Silver Eq. Production: 192.21 173.75 n/a -18.46
P&P
Reserves
(oz.)
Gold: 25.00M 25.00M 06/14/2017 n/a
Silver: 850.00M 850.00M 06/14/2017 n/a
Gold Eq.: 59.00M 59.00M 06/14/2017 n/a
Silver Eq.: 1,475.00M 1,475.00M 06/14/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.034 0.034 n/a n/a
Silver: 1.153 1.153 n/a n/a
Gold Eq.: 0.080 0.080 n/a n/a
Silver Eq.: 2.001 2.001 n/a n/a
Cash Flow 06/14/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $465.51M $517.64M n/a $52.14M
Current Multiple: 34.06 27.69 n/a -6.37
F
U
T
U
R
E
@ current prices: $314.05M $359.33M n/a $45.29M
Multiple @ current prices: 50.49 39.89 n/a -10.60
Growth @ current prices: -32.54% -30.58% n/a 0.02
@ future prices: $3,978.00M $3,978.00M n/a $0.00M
Multiple @ future prices: 3.99 3.60 n/a -0.38
Growth @ future prices: 668.48% 668.48% n/a -0.86

Defaults

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