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Category: Junior: Late Stage Developer
Rating: 3.00   (Potential 5 Bagger as of 06/08/2017)
Risk: Moderate
Canadian Zinc Corp.
www: www.canadianzinc.com     email: invest@canadianzinc.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
OTCMKTS:CZICF 10/20/2017 USD 0.1314 -0.0115 0.2400 - 0.1100 221,770
TSE:CZN 10/20/2017 CAD 0.1650 -0.0100 0.3200 - 0.1500 388,529
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Don's Summary (from last analysis - 06/08/2017)

Canadian Zinc has a silver/zinc/lead project (Prairie Creek) in the Northwest Territories. They are heading towards production once they get financing ($180 million capex) and have a large high grade deposit (70 million oz at 4 opt). Production will start slow (1.7 million oz) and increase, but likely reaching 3 million ounces per year. Estimated future reserves are valued at .74 cents per oz, and they have a fully diluted market cap of only $37 million. The after-tax IRR is only 15% at $18 silver. I would not expect them to get financing until silver reaches $20.

What I really like is their potential to find more reserves and increase production, because very little drilling has been done on the Praire Creek property (20,000 acres and a 10 mile trend). Also, they have a lot of high grade zinc (9%) and lead (9%), which will make this a low cost silver mine. I expect this stock to be at least a 15 bagger long term at higher silver prices - if they build the mine. Another thing I like about them is that they are an unlikely takeover target, because the project has a low IRR and a high capex. They currently have a good balance sheet with $6 million in cash and no debt. They many need more cash to complete the final feasibility study, which is underway.

I'm projecting all-in costs of $12 per oz, which I think is conservative. Zinc and Lead sell for about 85 cents per lb. 165 million lbs x .85 = $140 million annually. Operating cash costs are projected to be less than $100 million the first 5 years, thus silver cash costs should be low. My worry is they will sell the silver in a streaming deal to finance the capex and then focus on zinc production (they are talking to Sandstorm). The capex is high and they will be tempted to sell the silver in advance to finance the mine. That is my biggest concern. If they do a streaming deal, it will be much easier to finance the mine.

The mine is almost permitted. All they have left to do is a road permit (expected in 2017), final feasibility, and financing. I've followed this stock for 10 years and management has always been a weakness. They currently do not have a company presentation on their website. In the past, their company presentations have not been comprehensive. They have done very little drilling over the past 10 years, even though there is excellent exploration potential on the property.

This stock is so cheap that the play is probably to wait and see how they finance the mine. If they don't do a silver stream, then it will triple in value very quickly.

General Details

Financial 06/08/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $37.13M $38.54M 06/08/2017 $1.41M
Total Assets: $12.24M $11.05M 06/30/2017 $-1.19M
Total Liabilities: $2.10M $2.53M 06/30/2017 $0.43M
Current Assets: $6.18M $4.55M 06/30/2017 $-1.62M
Current Liabilities: $0.75M $1.05M 06/30/2017 $0.31M
Total Debt: $0.00M $0.00M 06/30/2017 $0.00M
Cash: $5.75M $4.24M 06/30/2017 $-1.51M
Enterprise Value: $31.39M $34.31M 02/01/1971 $2.92M
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: 06/08/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 06/08/2017 0.00%
Misc 06/08/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $0.126 $0.131 15:10 on 10/20/2017 $0.00
Shares Outstanding: 266,000,000 266,110,000 06/30/2017 110,000
Shares Fully Diluted: 295,000,000 295,000,000 06/08/2017 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a 01/01/2020 06/08/2017 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
06/08/2017 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
06/08/2017 0
Initial CapEx (Outstanding): $192.00M
517.08% of Mkt.Cap
$192.00M
498.15% of Mkt.Cap
06/08/2017 $0.00M
Funding Option: n/a n/a 06/08/2017 n/a
Documentation: none FS 06/08/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 06/08/2017
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 06/08/2017 0.00M
Measured & Indicated: n/a n/a 06/08/2017 0.00M
Inferred: n/a n/a 06/08/2017 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 06/08/2017 0.00M
Measured & Indicated: n/a n/a 06/08/2017 0.00M
Inferred: n/a n/a 06/08/2017 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 06/08/2017 $0.00
Extra Operating Cost: n/a n/a 06/08/2017 $0.00
Average Grade: n/a n/a 06/08/2017 n/a
Recovery Rate: n/a n/a 06/08/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 06/08/2017 0.00M
Annual Production: n/a n/a 06/08/2017 n/a
Cash Cost: n/a n/a 06/08/2017 n/a
Extra Operating Cost: n/a n/a 06/08/2017 n/a
SILVER 06/08/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 30.00M 30.00M 06/08/2017 0.00M
Measured & Indicated: 35.00M 35.00M 06/08/2017 0.00M
Inferred: 35.00M 35.00M 06/08/2017 0.00M
Reserves & Resources: 70.00M 70.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 27.00M 26.10M 06/08/2017 -0.90M
Measured & Indicated: 30.60M 29.58M 06/08/2017 -1.02M
Inferred: 15.75M 15.23M 06/08/2017 -0.53M
Reserves & Resources: 46.35M 44.81M never -1.55M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 06/08/2017 $0.00
Extra Operating Cost: n/a n/a 06/08/2017 $0.00
Average Grade: 150.00 g/t 150.00 g/t 06/08/2017 n/a
Recovery Rate: (CG)  90.00% (CG)  87.00% 06/08/2017 -3.00%
F
U
T
U
R
E
Proven & Probable: 50.00M 50.00M 06/08/2017 0.00M
Annual Production: 2,500,000oz. 2,500,000oz. 06/08/2017 0oz.
Cash Cost: $6 $6 06/08/2017 $0
Extra Operating Cost: $6 $6 06/08/2017 $0

Property

Last Analysis Data  (06/08/2017)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Exploration Northwest Territories, Canada Prairie Creek 100% (guess) 8,000 Underground show
70 million oz high grade resource.'

Permitted.
Total Land Package Size (ha): 8,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Exploration Northwest Territories, Canada Prairie Creek 100% (guess) 8,000 Underground show
70 million oz high grade resource.'

Permitted.
Total Land Package Size (ha): 8,000  

Profitability (by resource)

Proven &
Probable
06/08/2017
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 -0.01M
Total (Silver Eq. Oz.): 30.00M 30.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.02M
Silver Eq. Oz.: 27.00M 26.10M n/a -0.90M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $102.06M $90.44M n/a $-11.62M
Total Maximum Profit: $102.06M $90.44M n/a $-11.62M
Max Profit / Current MCap: 2.749 2.346 n/a -0.402
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $0.35 $0.31 n/a $-0.04
Total Max Profit Per Share: $0.35 $0.31 n/a $-0.04
Total Free Profit Per Share: $0.18 $0.14 n/a $-0.03
FD Mkt. Cap / Gold Eq.: $100.91 $111.09 n/a $10.18
FD Mkt. Cap / Silver Eq.: $1.38 $1.48 n/a $0.10
FD Mkt. Cap / Per Metal
as % Spot Price:
7.90% 8.71% n/a 0.81%
Measured &
Indicated
06/08/2017
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 -0.01M
Total (Silver Eq. Oz.): 35.00M 35.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.02M
Silver Eq. Oz.: 30.60M 29.58M n/a -1.02M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $115.67M $102.49M n/a $-13.17M
Total Maximum Profit: $115.67M $102.49M n/a $-13.17M
Max Profit / Current MCap: 3.115 2.659 n/a -0.456
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $0.39 $0.35 n/a $-0.04
Total Max Profit Per Share: $0.39 $0.35 n/a $-0.04
Total Free Profit Per Share: $0.22 $0.18 n/a $-0.04
FD Mkt. Cap / Gold Eq.: $89.04 $98.02 n/a $8.98
FD Mkt. Cap / Silver Eq.: $1.21 $1.30 n/a $0.09
FD Mkt. Cap / Per Metal
as % Spot Price:
6.97% 7.69% n/a 0.71%

Reserves &
Resources
06/08/2017
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 -0.02M
Total (Silver Eq. Oz.): 70.00M 70.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.04M
Silver Eq. Oz.: 46.35M 44.81M n/a -1.55M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $175.20M $155.25M n/a $-19.95M
Total Maximum Profit: $175.20M $155.25M n/a $-19.95M
Max Profit / Current MCap: 4.718 4.028 n/a -0.690
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $0.59 $0.53 n/a $-0.07
Total Max Profit Per Share: $0.59 $0.53 n/a $-0.07
Total Free Profit Per Share: $0.42 $0.36 n/a $-0.06
FD Mkt. Cap / Gold Eq.: $58.78 $64.71 n/a $5.93
FD Mkt. Cap / Silver Eq.: $0.80 $0.86 n/a $0.06
FD Mkt. Cap / Per Metal
as % Spot Price:
4.60% 5.08% n/a 0.47%

Future Valuation (Cash Flow & Totals)

Totals 06/08/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $120.97M $113.92M n/a $-7.06M
Mkt. Cap: $37.13M $38.54M n/a $1.41M
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: $750.00M $750M n/a $0M
FD Mkt. Cap Growth: 1,920% 1,846% n/a -74%
Annual
Production
Gold: n/a n/a n/a n/a
Silver: 2,500,000 oz. 2,500,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 18.57 19.27 n/a 0.71
Silver Eq. Reserves: 0.74 0.77 n/a 0.03
Gold Eq. Production: 371.32 385.42 n/a 14.11
Silver Eq. Production: 14.85 15.42 n/a 0.56
P&P
Reserves
(oz.)
Gold: n/a n/a 06/08/2017 n/a
Silver: 50.00M 50.00M 06/08/2017 n/a
Gold Eq.: 2.00M 2.00M 06/08/2017 n/a
Silver Eq.: 50.00M 50.00M 06/08/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: n/a n/a n/a n/a
Silver: 0.169 0.169 n/a n/a
Gold Eq.: 0.007 0.007 n/a n/a
Silver Eq.: 0.169 0.169 n/a n/a
Cash Flow 06/08/2017
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: $8.10M $7.43M n/a $-0.68M
Multiple @ current prices: 4.58 5.19 n/a 0.61
Growth @ current prices: 0.00% 0.00% n/a 0.00
@ future prices: $132.00M $132.00M n/a $0.00M
Multiple @ future prices: 0.28 0.29 n/a 0.01
Growth @ future prices: 0.00% 0.00% n/a 0.00

Defaults

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