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Category: Junior: Small Producer
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Minera IRL Ltd
www: www.minera-irl.com     email: minera@irl.com.pe

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Notes
Forum
Your Data

Symbol Data

Symbol Currency
CNSX:MIRL CAD
OTCMKTS:MRLLF USD

Description

Minera IRL Ltd are a gold focused junior, small producer with one producing mine in Peru, one mine in development in Peru and exploration properties. Currently they produce roughly 20koz. of gold per year. They have approximately 2.4Moz. of gold in the reserves and resources category of which 1.3Moz. are in the measured and indicated category. They have a market capitalisation of ~C$12.2M which is a fall of roughly 25% over the last eleven months. As of 05/27/2018 they have ~C$58M debt and ~C$1.72M cash. They have 231M shares outstanding and trade on the Canadian Securities Exchange and the over-the-counter markets.

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General Details

Financial 05/27/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $16.34M $12.20M 05/27/2018 $-4.14M
Total Assets: $130.90M $125.71M 05/27/2018 $-5.19M
Total Liabilities: $74.80M $71.83M 05/27/2018 $-2.97M
Current Assets: $11.69M $11.22M 05/27/2018 $-0.46M
Current Liabilities: $69.35M $66.60M 05/27/2018 $-2.75M
Total Debt: $60.78M $58.36M 05/27/2018 $-2.41M
Cash: $1.79M $1.72M 05/27/2018 $-0.07M
Enterprise Value: $75.32M $68.85M 03/07/1972 $-6.48M
Cash Flow: $0.72M $0.32M never $-0.39M
Cash Flow Multiple: 22.84 37.57 never 14.74
Net Debt to
Cash Flow Ratio:		 82.45 174.40 never 91.95
Finance within 1 year: 05/27/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 05/27/2018 0.00%
Misc 05/27/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 231,000,000 231,000,000 05/27/2018 0
Shares (FD): 233,000,000 233,000,000 05/27/2018 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 05/27/2018 n/a
Production (Gold Eq Oz.): (guess) 
20,000		 (guess) 
20,000		 05/27/2018 0
Production (Silver Eq Oz.): (guess) 
1,579,005		 (guess) 
1,717,060		 05/27/2018 138,055
Initial CapEx (Outstanding): $175.00M
1071.03% of Mkt.Cap		 $175.00M
1433.93% of Mkt.Cap 		05/27/2018 $0.00M
Funding Option: n/a n/a 05/27/2018 n/a
Documentation: none PRODUCER 05/27/2018 n/a
Value Adjustment: -25% -25% never 0%

Resource Data

GOLD 05/27/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 1.10M 1.10M 05/27/2018 0.00M
Measured & Indicated: 1.30M 1.30M 05/27/2018 0.00M
Inferred: 1.10M 1.10M 05/27/2018 0.00M
Reserves & Resources: 2.40M 2.40M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.94M 0.94M 05/27/2018 0.00M
Measured & Indicated: 1.07M 1.07M 05/27/2018 0.00M
Inferred: 0.47M 0.47M 05/27/2018 0.00M
Reserves & Resources: 1.54M 1.54M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
20,000oz.		 (guess) 
20,000oz.		 05/27/2018 0oz.
Cash Cost: $850 $850 05/27/2018 $0.00
Extra Operating Cost: $400 $400 05/27/2018 $0.00
Average Grade: 3.00 g/t 3.00 g/t 05/27/2018 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 05/27/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: 1.50M 1.50M 05/27/2018 0.00M
Annual Production: 100,000oz. 100,000oz. 05/27/2018 0oz.
Cash Cost: $750 $750 05/27/2018 $0
Extra Operating Cost: $400 $400 05/27/2018 $0
SILVER 05/27/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 05/27/2018 0.00M
Measured & Indicated: n/a n/a 05/27/2018 0.00M
Inferred: n/a n/a 05/27/2018 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 05/27/2018 0.00M
Measured & Indicated: n/a n/a 05/27/2018 0.00M
Inferred: n/a n/a 05/27/2018 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 05/27/2018 $0.00
Extra Operating Cost: n/a n/a 05/27/2018 $0.00
Average Grade: n/a n/a 05/27/2018 n/a
Recovery Rate: n/a n/a 05/27/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 05/27/2018 0.00M
Annual Production: n/a n/a 05/27/2018 n/a
Cash Cost: n/a n/a 05/27/2018 n/a
Extra Operating Cost: n/a n/a 05/27/2018 n/a

Property

Last Analysis Data  (05/27/2018)
Stage Location Name Owned Type Au Ag Cu Notes
Production Lima, Peru Corihuarmi 100% n/a show
Production stops in 2020

20,000 oz annual production

High cash costs.
Development Peru Ollachea 100% Underground show
1 million oz deposit at 3.5 gpt with low cash costs.

Capex $178 million

Aftertax IRR 22% at $1300 gold.

100,000 oz production

Need financing to begin construction.
Exploration Santa Cruz, Argentina Escondido 100% n/a n/a
Exploration Santa Cruz, Argentina Michelle 100% n/a n/a
Exploration Santa Cruz, Argentina Pan de Azucar 100% n/a n/a
Exploration Argentina Patagonia Regional 100% n/a n/a
Exploration Chile Frontera 100% n/a n/a
Exploration Peru Bethania 0% n/a n/a
Exploration Peru Huaquirca 0% n/a n/a
Exploration Peru Quilavira 0% n/a n/a
Current Data
Stage Location Name Owned Type Au Ag Cu Notes
Production Lima, Peru Corihuarmi 100% n/a show
Production stops in 2020

20,000 oz annual production

High cash costs.
Development Peru Ollachea 100% Underground show
1 million oz deposit at 3.5 gpt with low cash costs.

Capex $178 million

Aftertax IRR 22% at $1300 gold.

100,000 oz production

Need financing to begin construction.
Exploration Santa Cruz, Argentina Escondido 100% n/a n/a
Exploration Santa Cruz, Argentina Michelle 100% n/a n/a
Exploration Santa Cruz, Argentina Pan de Azucar 100% n/a n/a
Exploration Argentina Patagonia Regional 100% n/a n/a
Exploration Chile Frontera 100% n/a n/a
Exploration Peru Bethania 0% n/a n/a
Exploration Peru Huaquirca 0% n/a n/a
Exploration Peru Quilavira 0% n/a n/a

Profitability (by resource)

Proven &
Probable		 05/27/2018
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.): 1.10M 1.10M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 7.59M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.94M 0.94M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 6.45M
Maximum Profit (Gold): $25.08M $11.39M n/a $-13.70M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $25.08M $11.39M n/a $-13.70M
Max Profit / Current MCap: 1.535 0.933 n/a -0.602
Max Profit Per Share (Gold): $0.11 $0.05 n/a $-0.06
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.11 $0.05 n/a $-0.06
Total Free Profit Per Share: $0.02 $0.00 n/a $-0.02
FD Mkt. Cap / Gold Eq.: $17.48 $13.05 n/a $-4.42
FD Mkt. Cap / Silver Eq.: $0.22 $0.15 n/a $-0.07
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.34% 1.03% n/a -0.32%
Measured &
Indicated		 05/27/2018
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.): 1.30M 1.30M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 8.97M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.07M 1.07M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 7.39M
Maximum Profit (Gold): $28.73M $13.04M n/a $-15.69M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $28.73M $13.04M n/a $-15.69M
Max Profit / Current MCap: 1.758 1.069 n/a -0.690
Max Profit Per Share (Gold): $0.12 $0.06 n/a $-0.07
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.12 $0.06 n/a $-0.07
Total Free Profit Per Share: $0.03 $0.00 n/a $-0.03
FD Mkt. Cap / Gold Eq.: $15.26 $11.40 n/a $-3.86
FD Mkt. Cap / Silver Eq.: $0.19 $0.13 n/a $-0.06
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.17% 0.90% n/a -0.28%

Reserves &
Resources		 05/27/2018
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.): 2.40M 2.40M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 16.57M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.54M 1.54M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 10.62M
Maximum Profit (Gold): $41.27M $18.74M n/a $-22.54M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $41.27M $18.74M n/a $-22.54M
Max Profit / Current MCap: 2.526 1.535 n/a -0.991
Max Profit Per Share (Gold): $0.18 $0.08 n/a $-0.10
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.18 $0.08 n/a $-0.10
Total Free Profit Per Share: $0.09 $0.01 n/a $-0.08
FD Mkt. Cap / Gold Eq.: $10.62 $7.93 n/a $-2.69
FD Mkt. Cap / Silver Eq.: $0.13 $0.09 n/a $-0.04
FD Mkt. Cap / Per Metal
as % Spot Price:		 0.82% 0.62% n/a -0.19%

Future Valuation (Cash Flow & Totals)

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