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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
OTCMKTS:VNNHF USD
TSE:BSX CAD

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$170.89M which is a rise of roughly 90% over the last six months. As of 03/12/2019 they have no debt and ~C$27.93M cash. They have 442M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 03/12/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $89.97M $170.89M 03/12/2019 $80.92M
Total Assets: $50.93M $51.33M 03/12/2019 $0.40M
Total Liabilities: $3.00M $3.02M 03/12/2019 $0.02M
Current Assets: $28.46M $28.68M 03/12/2019 $0.22M
Current Liabilities: $3.00M $3.02M 03/12/2019 $0.02M
Total Debt: $0.00M $0.00M 03/12/2019 $0.00M
Cash: $27.71M $27.93M 03/12/2019 $0.22M
Enterprise Value: $62.25M $142.96M 07/13/1974 $80.70M
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 03/12/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 03/12/2019 0.00%
Misc 03/12/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 442,000,000 442,000,000 03/12/2019 0
Shares (FD): 462,000,000 462,000,000 03/12/2019 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2021 03/12/2019 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 03/12/2019 0
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 03/12/2019 0
Initial CapEx (Outstanding): $300.00M
333.46% of Mkt.Cap		 $300.00M
175.56% of Mkt.Cap 		03/12/2019 $0.00M
Funding Option: n/a n/a 03/12/2019 n/a
Documentation: none FS 03/12/2019 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 03/12/2019
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 03/12/2019 0.00M
Measured & Indicated: 5.00M 5.00M 03/12/2019 0.00M
Inferred: 1.00M 1.00M 03/12/2019 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 03/12/2019 0.00M
Measured & Indicated: 4.23M 4.23M 03/12/2019 0.00M
Inferred: 0.45M 0.45M 03/12/2019 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 03/12/2019 $0.00
Extra Operating Cost: n/a n/a 03/12/2019 $0.00
Average Grade: 1.00 g/t 1.00 g/t 03/12/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 03/12/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: 5.00M 5.00M 03/12/2019 0.00M
Annual Production: 250,000oz. 250,000oz. 03/12/2019 0oz.
Cash Cost: $750 $750 03/12/2019 $0
Extra Operating Cost: $400 $400 03/12/2019 $0
SILVER 03/12/2019
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 03/12/2019 0.00M
Measured & Indicated: n/a n/a 03/12/2019 0.00M
Inferred: n/a n/a 03/12/2019 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 03/12/2019 0.00M
Measured & Indicated: n/a n/a 03/12/2019 0.00M
Inferred: n/a n/a 03/12/2019 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 03/12/2019 $0.00
Extra Operating Cost: n/a n/a 03/12/2019 $0.00
Average Grade: n/a n/a 03/12/2019 n/a
Recovery Rate: n/a n/a 03/12/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/12/2019 0.00M
Annual Production: n/a n/a 03/12/2019 n/a
Cash Cost: n/a n/a 03/12/2019 n/a
Extra Operating Cost: n/a n/a 03/12/2019 n/a

Property

Last Analysis Data  (03/12/2019)
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		 03/12/2019
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 -2.66M
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 -2.40M
Maximum Profit (Gold): $341.55M $766.90M n/a $425.34M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $341.55M $766.90M n/a $425.34M
Max Profit / Current MCap: 3.796 4.488 n/a 0.691
Max Profit Per Share (Gold): $0.74 $1.66 n/a $0.92
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.74 $1.66 n/a $0.92
Total Free Profit Per Share: $0.48 $1.17 n/a $0.69
FD Mkt. Cap / Gold Eq.: $28.56 $54.25 n/a $25.69
FD Mkt. Cap / Silver Eq.: $0.34 $0.65 n/a $0.31
FD Mkt. Cap / Per Metal
as % Spot Price:		 2.19% 3.62% n/a 1.43%
Measured &
Indicated		 03/12/2019
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 -3.80M
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 -3.22M
Maximum Profit (Gold): $458.66M $1,029.84M n/a $571.18M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $458.66M $1,029.84M n/a $571.18M
Max Profit / Current MCap: 5.098 6.026 n/a 0.928
Max Profit Per Share (Gold): $0.99 $2.23 n/a $1.24
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.99 $2.23 n/a $1.24
Total Free Profit Per Share: $0.73 $1.74 n/a $1.01
FD Mkt. Cap / Gold Eq.: $21.27 $40.40 n/a $19.13
FD Mkt. Cap / Silver Eq.: $0.25 $0.48 n/a $0.23
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.63% 2.70% n/a 1.07%

Reserves &
Resources		 03/12/2019
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 -4.56M
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 -3.56M
Maximum Profit (Gold): $507.45M $1,139.39M n/a $631.94M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $507.45M $1,139.39M n/a $631.94M
Max Profit / Current MCap: 5.640 6.668 n/a 1.027
Max Profit Per Share (Gold): $1.10 $2.47 n/a $1.37
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.10 $2.47 n/a $1.37
Total Free Profit Per Share: $0.84 $1.98 n/a $1.14
FD Mkt. Cap / Gold Eq.: $19.22 $36.51 n/a $17.29
FD Mkt. Cap / Silver Eq.: $0.23 $0.44 n/a $0.21
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.47% 2.44% n/a 0.96%

Future Valuation (Cash Flow & Totals)

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