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Midas Gold Corp

www: www.midasgoldcorp.com   email: info@midasgoldcorp.com
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
OTCMKTS:MDRPF USD
TSE:MAX CAD

Description

Midas Gold Corp are a gold focused junior, late stage development company with one mine in development in USA. They have approximately 7.6Moz. of gold in the reserves and resources category of which 5.6Moz. are in the measured and indicated category. They have a market capitalisation of ~$257.53M which is a rise of roughly 14% over the last six months. As of 01/12/2020 they have ~$20M debt and ~$19M cash. They have 271M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 01/12/2020
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $225.01M $257.53M 01/12/2020 $32.52M
Total Assets: $75.00M $75.00M 01/12/2020 $0.00M
Total Liabilities: $41.00M $41.00M 01/12/2020 $0.00M
Current Assets: $20.00M $20.00M 01/12/2020 $0.00M
Current Liabilities: $3.00M $3.00M 01/12/2020 $0.00M
Total Debt: $20.00M $20.00M 01/12/2020 $0.00M
Cash: $19.00M $19.00M 01/12/2020 $0.00M
Enterprise Value: $226.01M $258.53M 03/12/1978 $32.52M
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: 01/12/2020 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/12/2020 0.00%
Misc 01/12/2020
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 271,411,000 271,411,000 01/12/2020 0
Shares (FD): 432,211,000 432,211,000 01/12/2020 0
Insider Ownership: n/a 50% 01/25/2020 50%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2024 01/12/2020 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
01/12/2020 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
01/12/2020 0
Initial CapEx (Outstanding): $970.00M
431.09% of Mkt.Cap
$970.00M
376.65% of Mkt.Cap
01/12/2020 $0.00M
Funding Option: n/a n/a 01/12/2020 n/a
Documentation: none PFS 01/25/2020 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 01/12/2020
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 4.60M 4.60M 01/12/2020 0.00M
Measured & Indicated: 5.60M 5.60M 01/12/2020 0.00M
Inferred: 2.00M 2.00M 01/12/2020 0.00M
Reserves & Resources: 7.60M 7.60M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 3.91M 3.91M 01/12/2020 0.00M
Measured & Indicated: 4.59M 4.59M 01/12/2020 0.00M
Inferred: 0.85M 0.85M 01/12/2020 0.00M
Reserves & Resources: 5.44M 5.44M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 01/12/2020 $0.00
Extra Operating Cost: n/a n/a 01/12/2020 $0.00
Average Grade: 1.60 g/t 1.60 g/t 01/12/2020 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 01/25/2020 0.00%
F
U
T
U
R
E
Proven & Probable: 6.00M 6.00M 01/12/2020 0.00M
Annual Production: 400,000oz. 400,000oz. 01/12/2020 0oz.
Cash Cost: $600 $600 01/12/2020 $0
Extra Operating Cost: $400 $400 01/12/2020 $0
SILVER 01/12/2020
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 01/12/2020 0.00M
Measured & Indicated: n/a n/a 01/12/2020 0.00M
Inferred: n/a n/a 01/12/2020 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 01/12/2020 0.00M
Measured & Indicated: n/a n/a 01/12/2020 0.00M
Inferred: n/a n/a 01/12/2020 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 01/12/2020 $0.00
Extra Operating Cost: n/a n/a 01/12/2020 $0.00
Average Grade: n/a n/a 01/12/2020 n/a
Recovery Rate: n/a n/a 01/12/2020 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 01/12/2020 0.00M
Annual Production: n/a n/a 01/12/2020 n/a
Cash Cost: n/a n/a 01/12/2020 n/a
Extra Operating Cost: n/a n/a 01/12/2020 n/a

Property

Last Analysis Data  (01/12/2020)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Stibnite 100% 10,000 Open Pit show
6.5 million oz resource (1.6 gpt).

3 open pit deposits.

Past producing mine. Historical tailing. Should be easier to permit.

Need permits.

Likely 3 years for permits.

PEA calls for $880 million capex and 350,000 oz of production for 12 years.

Cash costs of only $425 because of offsets in silver and antimony.

All-in costs around $700, but I'm targeting $900.

IRR of 27% after tax at $1400 gold.

NPV of $1.4 billion at $1400 gold.
Total Land Package Size (ha): 10,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Stibnite 100% 10,000 Open Pit show
6.5 million oz resource (1.6 gpt).

3 open pit deposits.

Past producing mine. Historical tailing. Should be easier to permit.

Need permits.

Likely 3 years for permits.

PEA calls for $880 million capex and 350,000 oz of production for 12 years.

Cash costs of only $425 because of offsets in silver and antimony.

All-in costs around $700, but I'm targeting $900.

IRR of 27% after tax at $1400 gold.

NPV of $1.4 billion at $1400 gold.
Total Land Package Size (ha): 10,000  

Profitability (by resource)

Proven &
Probable
01/12/2020
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 4.60M 4.60M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 45.42M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.91M 3.91M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 38.61M
Maximum Profit (Gold): $1,537.92M $2,184.40M n/a $646.48M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,537.92M $2,184.40M n/a $646.48M
Max Profit / Current MCap: 6.835 8.482 n/a 1.647
Max Profit Per Share (Gold): $3.56 $5.05 n/a $1.50
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.56 $5.05 n/a $1.50
Total Free Profit Per Share: $2.88 $4.24 n/a $1.37
FD Mkt. Cap / Gold Eq.: $57.55 $65.87 n/a $8.32
FD Mkt. Cap / Silver Eq.: $0.67 $0.68 n/a $0.02
FD Mkt. Cap / Per Metal
as % Spot Price:
3.68% 3.66% n/a -0.02%
Measured &
Indicated
01/12/2020
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 5.60M 5.60M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 55.29M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 4.59M 4.59M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 45.32M
Maximum Profit (Gold): $1,805.38M $2,564.30M n/a $758.91M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,805.38M $2,564.30M n/a $758.91M
Max Profit / Current MCap: 8.024 9.957 n/a 1.934
Max Profit Per Share (Gold): $4.18 $5.93 n/a $1.76
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.18 $5.93 n/a $1.76
Total Free Profit Per Share: $3.50 $5.12 n/a $1.63
FD Mkt. Cap / Gold Eq.: $49.02 $56.11 n/a $7.09
FD Mkt. Cap / Silver Eq.: $0.57 $0.58 n/a $0.02
FD Mkt. Cap / Per Metal
as % Spot Price:
3.14% 3.12% n/a -0.02%

Reserves &
Resources
01/12/2020
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 7.60M 7.60M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 75.04M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.44M 5.44M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 53.71M
Maximum Profit (Gold): $2,139.72M $3,039.16M n/a $899.45M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,139.72M $3,039.16M n/a $899.45M
Max Profit / Current MCap: 9.509 11.801 n/a 2.292
Max Profit Per Share (Gold): $4.95 $7.03 n/a $2.08
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.95 $7.03 n/a $2.08
Total Free Profit Per Share: $4.27 $6.22 n/a $1.95
FD Mkt. Cap / Gold Eq.: $41.36 $47.34 n/a $5.98
FD Mkt. Cap / Silver Eq.: $0.48 $0.49 n/a $0.01
FD Mkt. Cap / Per Metal
as % Spot Price:
2.65% 2.63% n/a -0.02%

Future Valuation (Cash Flow & Totals)

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