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Belo Sun Mining Corp

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

Symbol Currency
TSE:BSX CAD
OTCMKTS:VNNHF USD

Description

Belo Sun Mining Corp are a gold focused junior, late stage development company with one mine in development in Brazil and two exploration properties. They have approximately 6Moz. of gold in the reserves and resources category of which 5Moz. are in the measured and indicated category. They have a market capitalisation of ~C$351.19M which is a rise of roughly 175% over the last eight months. As of 03/18/2020 they have no debt and ~C$26.9M cash. They have 450M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 03/18/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $127.84M $351.19M 03/18/2020 $223.35M
Total Assets: $44.89M $49.95M 03/18/2020 $5.06M
Total Liabilities: $2.76M $3.07M 03/18/2020 $0.31M
Current Assets: $24.17M $26.90M 03/18/2020 $2.72M
Current Liabilities: $2.76M $3.07M 03/18/2020 $0.31M
Total Debt: $0.00M $0.00M 03/18/2020 $0.00M
Cash: $24.17M $26.90M 03/18/2020 $2.72M
Enterprise Value: $103.66M $324.29M 04/11/1980 $220.63M
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: No No 03/18/2020 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 03/18/2020 0.00%
Misc 03/18/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 449,946,000 449,946,000 03/18/2020 0
Shares (FD): 457,000,000 457,000,000 03/18/2020 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2023 03/18/2020 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 03/18/2020 0
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 03/18/2020 0
Initial CapEx (Outstanding): $300.00M
234.68% of Mkt.Cap		 $300.00M
85.42% of Mkt.Cap 		03/18/2020 $0.00M
Funding Option: n/a n/a 03/18/2020 n/a
Documentation: none FS 07/31/2020 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 03/18/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.50M 3.50M 03/18/2020 0.00M
Measured & Indicated: 5.00M 5.00M 03/18/2020 0.00M
Inferred: 1.00M 1.00M 03/18/2020 0.00M
Reserves & Resources: 6.00M 6.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 3.15M 3.15M 03/18/2020 0.00M
Measured & Indicated: 4.23M 4.23M 03/18/2020 0.00M
Inferred: 0.45M 0.45M 03/18/2020 0.00M
Reserves & Resources: 4.68M 4.68M never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 03/18/2020 $0.00
Extra Operating Cost: n/a n/a 03/18/2020 $0.00
Average Grade: 1.00 g/t 1.00 g/t 03/18/2020 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 07/31/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 5.00M 5.00M 03/18/2020 0.00M
Annual Production: 250,000oz. 250,000oz. 03/18/2020 0oz.
Cash Cost: $700 $700 03/18/2020 $0
Extra Operating Cost: $400 $400 03/18/2020 $0
SILVER 03/18/2020
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 03/18/2020 0.00M
Measured & Indicated: n/a n/a 03/18/2020 0.00M
Inferred: n/a n/a 03/18/2020 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 03/18/2020 0.00M
Measured & Indicated: n/a n/a 03/18/2020 0.00M
Inferred: n/a n/a 03/18/2020 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 03/18/2020 $0.00
Extra Operating Cost: n/a n/a 03/18/2020 $0.00
Average Grade: n/a n/a 03/18/2020 n/a
Recovery Rate: n/a n/a 03/18/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/18/2020 0.00M
Annual Production: n/a n/a 03/18/2020 n/a
Cash Cost: n/a n/a 03/18/2020 n/a
Extra Operating Cost: n/a n/a 03/18/2020 n/a

Property

Last Analysis Data  (03/18/2020)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Altamira, Para State, Brazil Volta Grande 100% 130,000 Open Pit show
Very large 330,000 acre property
7.5 million oz open pit project at 1.7 gpt.
$750 million capex
pre-feasibility study released in 2014.
On track for production in 2016.
$700 cash costs
$1100 all-in costs.
After tax NPV at $474 million at $1450 gold.
IRR of only 15%.
Exploration Tapajos Province, Para State, Brazil Patrocinio 100% n/a n/a n/a
Exploration Brasilia, Brazil Rainbow 100% n/a n/a n/a
Total Land Package Size (ha): 130,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Altamira, Para State, Brazil Volta Grande 100% 130,000 Open Pit show
Very large 330,000 acre property
7.5 million oz open pit project at 1.7 gpt.
$750 million capex
pre-feasibility study released in 2014.
On track for production in 2016.
$700 cash costs
$1100 all-in costs.
After tax NPV at $474 million at $1450 gold.
IRR of only 15%.
Exploration Tapajos Province, Para State, Brazil Patrocinio 100% n/a n/a n/a
Exploration Brasilia, Brazil Rainbow 100% n/a n/a n/a
Total Land Package Size (ha): 130,000  

Profitability (by resource)

Proven &
Probable		 03/18/2020
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.): 3.50M 3.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -159.75M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.15M 3.15M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -143.78M
Maximum Profit (Gold): $849.37M $1,565.33M n/a $715.96M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $849.37M $1,565.33M n/a $715.96M
Max Profit / Current MCap: 6.644 4.457 n/a -2.187
Max Profit Per Share (Gold): $1.86 $3.43 n/a $1.57
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.86 $3.43 n/a $1.57
Total Free Profit Per Share: $1.45 $2.43 n/a $0.97
FD Mkt. Cap / Gold Eq.: $40.58 $111.49 n/a $70.91
FD Mkt. Cap / Silver Eq.: $0.33 $1.43 n/a $1.11
FD Mkt. Cap / Per Metal
as % Spot Price:		 2.73% 6.16% n/a 3.43%
Measured &
Indicated		 03/18/2020
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.): 5.00M 5.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -228.22M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.23M 4.23M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -193.07M
Maximum Profit (Gold): $1,140.58M $2,102.01M n/a $961.44M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,140.58M $2,102.01M n/a $961.44M
Max Profit / Current MCap: 8.922 5.985 n/a -2.937
Max Profit Per Share (Gold): $2.50 $4.60 n/a $2.10
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.50 $4.60 n/a $2.10
Total Free Profit Per Share: $2.09 $3.60 n/a $1.51
FD Mkt. Cap / Gold Eq.: $30.22 $83.02 n/a $52.80
FD Mkt. Cap / Silver Eq.: $0.24 $1.07 n/a $0.82
FD Mkt. Cap / Per Metal
as % Spot Price:		 2.03% 4.59% n/a 2.55%

Reserves &
Resources		 03/18/2020
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.): 6.00M 6.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -273.86M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.68M 4.68M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -213.61M
Maximum Profit (Gold): $1,261.92M $2,325.63M n/a $1,063.72M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,261.92M $2,325.63M n/a $1,063.72M
Max Profit / Current MCap: 9.871 6.622 n/a -3.249
Max Profit Per Share (Gold): $2.76 $5.09 n/a $2.33
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.76 $5.09 n/a $2.33
Total Free Profit Per Share: $2.36 $4.09 n/a $1.73
FD Mkt. Cap / Gold Eq.: $27.32 $75.04 n/a $47.73
FD Mkt. Cap / Silver Eq.: $0.22 $0.97 n/a $0.74
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.84% 4.15% n/a 2.31%

Future Valuation (Cash Flow & Totals)

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