Leveraged

I am analyzing hundreds of mining companies throughout the year, and companies leveraged to metal prices make up a substantial part of it. To give you an idea, I'll provide you with a sample of my Leveraged play database, without regular updates, without the ranking system and also without my top 20 companies. This is prohibited to my loyal Seekingalpha subscribers. For your convenience, you can download the spreadsheet here.

The information in this spreadsheet may contain errors so please verify all data by yourself. A full legal disclaimer can be found here.

#TickerCompanyPPS C$PPS C$PPS C$PPS C$PPS C$MCMCO/SCash+eq.Curr. As.Total Liab.Cash+eq/EVMetalJurisdictionFraser SurveyFlagship ProjectTypeProcessStageTickerCompanyR&RGradeNPV5 post taxIRR postBase CaseUnitCapexProductionAISCCFMC/CFEV/unitMC/NPVNPV/MCTickerCompanyUnitBase CaseNPV5 post tax$ per unitNPV5 post tax$ per unitNPV5 post tax$ per unitNPV5 post taxNPV/MTickerCompanyStory
12-10-1511-18-1510-9-159-24-158-1-15M C$M $MM C$M C$M C$MCM C$of MineMoz/t/lbsg/t - %base case M $tax$ per unitM $oz/t/lbs pa$oz/t/lbs$ per unitbase case M $ M $M $M $max
1CNT.TOCentury Global Commodities0,170,20,2500,3000,22016,7912,2698,79272711,6-9,21Iron OreQuebec, Canada83,64Joyce LakeOPMill/CIL2013 PEAFER.TOCentury Iron Mines831029,00%201415,90%125,00t Fe conc 67%3492,9216000053,253N/AN/A-0,00110,006087308164,3FER.TOCentury Iron Minest Fe conc 67%125,002014100,00-180140,00420160,0061550,2FER.TOCentury Iron MinesNPV8. Iron ore price for base case is unrealistic, DSO project with WISCO > make a big deal out of their cooperation with a Chinese Bank (CEO FER.TO is Chinese so probably a favor), no news > Namechange, more focus on food (eggs) > no news
2MGT.TOMines Management0,230,340,4400,4750,6806,865,0129,81121,050,15,91SilverMontana, US59,47MontanoreUGMill/CIL2011 PEAMGT.TOMines Management1666333017,40%15,00oz Ag55264000004,48N/AN/A0,03560,0151765,9MGT.TOMines Managementoz Ag15,0033012,0023418,0042621,00521104,1MGT.TOMines ManagementMontana is known for permitting issues > Company wins lawsuit involving Montanore claims > raises $1,25M through asset sale > no news
3BSX.TOBelo Sun Mining0,220,230,2050,1800,17579,0657,71359,3612123,270,270,33GoldBrazil33,01Volta GrandeOPMill/CIL2015 FSBSX.TOBelo Sun Mining4,950,9864026,00%1200,00oz Au299205000779N/AN/A14,20790,0901811,1BSX.TOBelo Sun Miningoz Au1200,006401100,004471300,008301400,00102017,7BSX.TOBelo Sun MiningSee PRO analysis, already profitable due to FX effects. Large permitting issues (ind. study). IF they prove me wrong and get permits, this could be a multi bagger > no news > FX effects increasing as Brazil collapses > no news, spiked on gold uptick > no news
4ATM.VAtacama Pacific Gold0,1450,150,1500,1750,1759,446,8965,07110,90,19,34GoldChile72,23Cerro MaricungaOPHeap Leach2014 PFSATM.VAtacama Pacific Gold5,850,3820015,00%1350,00oz Au398,9281000941N/AN/A1,59580,0344429,0ATM.VAtacama Pacific Goldoz Au1350,00409,31250,00241,51450,00574,31550,00732,1106,3ATM.VAtacama Pacific GoldBad economics, large capex > fair valued > no news > no news, flatlining at 52w low > no news
5ORE.TOOrezone Gold0,280,2350,2400,2650,31032,8623,99117,357850,229,86GoldBurkina Faso64,52BomboreOPMill/CIL2015 FSORE.TOOrezone Gold4,61196,124,40%1250,00oz Au250116000678N/AN/A6,49090,122328,2ORE.TOOrezone Goldoz Au1250,00196,11100,00105,11400,00278,21500,00338,114,1ORE.TOOrezone GoldStaged approach, not fully permitted so under new BF tax regime > +10% corp tax and +1% royalty > some progress on permitting > Expect permit approval in Q1 2016, downlisting to TSX-V for cost savings, cut staff > no news
6ETG.TOEntree Gold0,3250,3350,3500,5000,32547,7834,88147,013435530,765,78CopperNevada, US79,89Ann MasonOPMill/CIL2012 PEAETG.TOEntree Gold210000,50%150011,00%3,00lb Cu12802150000001,8N/AN/A0,00310,0318531,4ETG.TOEntree Goldlb Cu3,0013793,2519283,5024753,75302586,7ETG.TOEntree GoldMultiple projects in JV/100% owned, so NAV is much bigger > Updated PEA shows so-so results: NPV7,5 of $770M, IRR 13,7%, capex $1,35B on $3/lb Cu, PPS spikes nevertheless > New CEO (ex Rio Tinto) > no news
7DNT.TOCandente Copper0,030,040,0450,0500,0604,553,32151,720,5130,16,55CopperPeru53,88CanariacoOPMill/CIL2011 PFSDNT.TOCandente Copper86000,52%91217,20%2,25lb Cu16002600000001,4N/AN/A0,00080,00499200,4DNT.TOCandente Copperlb Cu2,259122,5013072,7516813,002056618,8DNT.TOCandente CopperSensitivity NPV8. Project is actually viable but management isn't active and only funds occasional local community projects > received $0,5M from Entree Gold for royalty agreements > no news > no news
8NCU.TONevada Copper0,580,750,9701,0901,10046,6934,0880,5891630,2200,69CopperNevada, US79,89Pumpkin HollowOP/UGMill/CIL2015 FSNCU.TONevada Copper99000,420%110015,60%3,15lb Cu10411960000001,87N/AN/A0,02030,0424523,6NCU.TONevada Copperlb Cu3,1511002,855343,7521554,403720109,1NCU.TONevada CopperPumpkin Hollow has a IRR of 9,3% at May 2015 metal prices, today (Aug 2015) NPV5 would be below zero. Still considered by many as one of the best undeveloped copper plays > Land acq. Complete, some good drill results, crashing further on low copper > no news
9FEO.VOceanic Iron Ore0,120,160,0750,0800,0854,213,0735,051240,26,21Iron OreQuebec, Canada83,64Ungava BayOPMill/CIL2012 PFSFEO.VOceanic Iron Ore140032,20%288016,80%100,00t Fe conc 67%4706,1558000027,162N/AN/A0,00440,00107938,0FEO.VOceanic Iron Oret Fe conc 67%100,00288080,001500110,003900120,0047501547,0FEO.VOceanic Iron OreRainmaker and founder Gregg Sedun leaves the BoD > Non binding MOU with Chinese, deferred payment of $0,2M for royalties. Not important news, PPS doubled nevertheless > busy converting debt etc into shares
10SSP.VSandspring Resources0,150,1750,1600,2000,07021,7115,84144,745190,235,71GoldGuyana50,87ToroparuOPMill/CIL2013 PFSSSP.VSandspring Resources4,631,1344817,60%1260,00oz Au471228000923N/AN/A7,71170,0353728,3SSP.VSandspring Resourcesoz Au1400,006911200,003841750,0012462000,001617102,1SSP.VSandspring ResourcesTypical Northern LatAm greenstone open pit operation, PNO deal, 3:1 consolidation coming up so PPS slump expected, bit suspect Giustra deal (IKN) > deal finalized, PPS held up > exploration program started at Toroparu, 10y(!) options @C$0,20 granted
11ME.TOMoneta Porcupine0,130,110,1050,0900,08025,7518,80198,091,21,20,10,024,65GoldOntario, Canada72,35Golden HighwayOPMill/CIL2012 PEAME.TOMoneta Porcupine4,31,1750324,40%1350,00oz Au607288000775N/AN/A5,73300,0512019,5ME.TOMoneta Porcupineoz Au1350,005031485,006801620,008541755,00103355,0ME.TOMoneta PorcupineCEO Perez does all management by himself from home. Take over target, it goes up everytime there is M&A regarding likewise projects > no news > $1.1M PP completed (half warrant), updating NI43-101 towards UG high grade scenario > no news
12PLU.VPlateau Uranium0,280,2950,3500,3700,33011,388,3140,642210,210,38UraniumPeru53,88MacusaniOPMill/CIL2014 PEAPLU.VPlateau Uranium1250,025%41732,40%65,00lb U3O8331430000032N/AN/A0,08300,0199250,2PLU.VPlateau Uraniumlb U3O965,0041758,0031072,0052577,0063075,8PLU.VPlateau UraniumNPV8, The Athabasca Basin is the place to be for uranium at the moment, everything else is discarded. This will change if U prices go up meaningfully > no news> Updated PEA in Q4 2015 > no news > TH for PEA updating workings?
13RDK.TORedhawk Resources0,0450,0450,0600,0650,0507,105,18157,690,20,30,70,07,50CopperArizona, US71,68Copper CreekUGMill/CIL2013 PEARDK.TORedhawk Resources36000,76%1548,10%3,00lb Cu8571217260001,74N/AN/A0,00210,0460821,7RDK.TORedhawk Resourceslb Cu3,001543,303253,604963,90571110,2RDK.TORedhawk ResourcesNeeds $3,5/lb to get funding ever > Did $0,2M PP on Aug 25, 2015 > Copper Creek JV didn't return drill results, potential? > no news
14EOX.VEuromax Resources0,310,350,3500,3500,45036,2226,44116,842360,139,22Gold/CopperMacedonia25IlovicaOPMill/CIL2014 PFSEOX.VEuromax Resources2,450,340558,0016,00%1200oz Au50295000334N/AN/A16,00830,0473921,1EOX.VEuromax Resourcesoz Au1250558,001100240,001400880,0016001075,0040,7EOX.VEuromax ResourcesMonstrous upcoming dilution overhang because of $100M equity part of capex, BFS coming up in Q4 2015. Curious if management finds other solutions. Former European Goldfields team doing it again? > no news > Signs offtake deal with smelter Aurubis, no cash upfront
15CEV.VCap-ex Iron Ore0,010,0150,0150,0150,0200,360,2736,390,10,10,20,30,46Iron OreQuebec, Canada83,64Block 103OPMill/CIL2013 PEACEV.VCap-ex Iron Ore780029%487016,50%105,00t Fe conc 62%5381,1448200056,583N/AN/A0,00010,0000518332,6CEV.VCap-ex Iron Oret Fe conc 62%105,004870N/AN/AN/AN/AN/AN/AN/ACEV.VCap-ex Iron OreInsane multiplier but project metrics aren't that outlandish, unit is 62% instead of 65-67% and price is one step higher. Not as advanced > no news > no news
16MAX.TOMidas Gold0,270,2650,2800,3500,33043,4231,70160,83991,20,235,62GoldIdaho, US67,35Stibnite GoldOPMill/CIL2014 PFSMAX.TOMidas Gold6,61,783219,30%1350,00oz Au1125330000616N/AN/A5,39760,0381026,2MAX.TOMidas Goldoz Au1350,008321200,005131500,0011291650,00141444,6MAX.TOMidas GoldSlow permitting in Idaho > no news > no news
17SPA.VSpanish Mountain Gold0,0250,0350,0250,0300,0305,043,68201,45222,950,45,99GoldBC, Canada60,73Spanish MountainOPMill/CIL2012 PEASPA.VSpanish Mountain Gold70,4131010,00%1462,00oz Au756197000865N/AN/A0,85520,0118684,3SPA.VSpanish Mountain Goldoz Au1462,003101350,001481716,005961900,00787214,1SPA.VSpanish Mountain GoldVery uneconomic, close to Mt Polley and extensive mentioning of First Nations so I expect permitting issues > no news > Closes $0,5M PP at $0,03 (full warrant)
18TSM.VTasman Metals0,260,270,3300,4050,42017,2012,5566,14330,20,214,40Rare EarthsSweden92,51Norra KarrOPMill/CIL2015 PFSTSM.VTasman Metals0,190,61%31020,00%575,00kg Dy378511939,69N/AN/A75,77050,0404924,7TSM.VTasman Metalskg Dy575,00620,2515,00150630,00485685,0066052,6TSM.VTasman MetalsNPV10. Dysprosium oxide (Dy) sits currently at $208-218/kg. Best rare earth project worldwide, only disadvantage besides REE prices is Aussie geologist dominated management, has no ties to Canadian financiers > no news > no news > pilot plant test completed, MD Sweden leaves
19LA.VLos Andes Copper0,080,1350,1000,0800,15016,8012,26209,991,71,83,370,118,37CopperChile72,23VizcachitasOPMill/CIL2013 PEALA.VLos Andes Copper110000,42%274,009,50%3lb Cu29003940000001,69N/AN/A0,00170,0447622,3LA.VLos Andes Copperlb Cu2,75274,003600,003,25950,003,51200,0097,9LA.VLos Andes CopperInactive, are going to try to raise $2.3M in the market > Raised $1.3M, trouble closing rest of PP > PP closed at $1.6M @ $0,22/share which is anamazing premium
20BCM.VBear Creek Mining0,610,640,7500,6000,74056,8041,4693,11303230,527,80SilverPeru53,88CoraniOPMill/CIL2015 FSBCM.VBear Creek Mining7609966020,90%20,00oz Ag62584000003,85N/AN/A0,03660,0628215,9BCM.VBear Creek Miningoz Ag20,0066018,0042022,0089824,00113827,4BCM.VBear Creek MiningDecent cash position to sit out the downturn > no news > no news
21SVB.TOSilver Bull Resources0,050,0550,0850,1100,1057,955,81159,07220,60,36,55SilverMexico52,02Sierra MojadaOPMill/CIL2013 PEASVB.TOSilver Bull91,150463,923,10%23,50oz Ag297,255000006,58N/AN/A0,07190,0125279,9SVB.TOSilver Bulloz Ag23,50463,916,00135,320,00312,428,00658,7113,5SVB.TOSilver Bull ResourcesGearing towards zinc now > no news > wants to delist from NYSE, high grade results at Sierra Mojada > no news
22CKG.VChesapeake Gold1,91,781,5301,4001,87083,6861,0844,042728110,366,68GoldMexico52,02MetatesOPMill/CIL2013 PFSCKG.VChesapeake Gold18,50,5236016,20%1350,00oz Au4400750000450N/AN/A3,60410,0258838,6CKG.VChesapeake Goldoz Au1350,0023601487,0057321657,0068841835,008026131,4CKG.VChesapeake GoldCEO says he is not going to build it > no news > no news, but huge spike since Oct 9: 1,50 > 2,59 > 1,78 now > no news
23DAN.VArianne Phosphate0,860,820,8600,8600,88081,9859,8595,331116,370,097,35PhosphateQuebec, Canada83,64Lac a PaulOPMill/CIL2013 FSDAN.VArianne Phosphate8326,70%120015,00%213,00tonne P2O51215300000093,7N/AN/A0,11700,0498720,1DAN.VArianne Phosphatetonne P2O5213,001200190,00800230,001450250,00185030,9DAN.VArianne PhosphateNPV7,5, Current 32-33% P2O5 concentrate FOB Morocco price is $125/tonne > no news > Closed $18,75 expanded credit facility
24SEA.TOSeabridge Gold11,3710,188,6408,2905,050570,55416,5050,181116190,0573,55GoldBC, Canada60,73KSMOP/UGMill/CIL2012 PFSSEA.TOSeabridge Gold90,80,725009,40%1330,00oz Au5300508000250N/AN/A6,31660,166606,0SEA.TOSeabridge Goldoz Au1384,001781618,006321925,0014352234,0022405,4SEA.TOSeabridge GoldFinding "high" grade at Deep Kerr, but project is still having insane capex and low IRR > stock ran up after successful pilot plant testing on treating selenium in KSM water, a condition for the environmental certificate > PPS spike at $12, raised $14.6M. Big "?" > no news
25AZ.TOAZ Mining0,30,290,3250,2500,33046,2233,74154,050,070,1120,058,12SilverArizona, US71,68HermosaOPMill/CIL2013 PFSAZ.TOAZ Mining2803783021,30%23,50oz Ag834,612200000-4,37N/AN/A0,20760,0406524,6AZ.TOAZ Miningoz Ag23,5083019,0057426,0098429,00114433,9AZ.TOAZ MiningCEO Warke is a real rainmaker (Ventana, Augusta) > no news > Namechange into Arizona Mining, new CEO (Barrick top brass) > new environmental director, top notch. Also expanding Hermosa claims
26PML.VPanoro Minerals0,1250,130,1200,1300,12527,5820,13220,641220,027,58CopperPeru53,88CotabambasOPMill/CIL2015 PEAPML.VPanoro Minerals54000,33%101514,40%3,25lb Cu14001434000002,02N/AN/A0,00510,0271736,8PML.VPanoro Mineralslb Cu3,2510153,609203,9012004,20148073,5PML.VPanoro MineralsSensitivity NPV8. Costs went out of control during completing the PEA for some unknown reason, totally unexpected, stock cratered since PEA > no news> New CFO (Tahoe, Rio Alto), PPS 0,10 > 0,13 > EIS area expanded and approved by Peru
27CUU.VCopper Fox Metals0,120,140,1600,1600,16048,9235,71407,662360,051,92CopperBC-Can/Arizona, US71,68Schaft CreekOPMill/CIL2013 FSCUU.VCopper Fox Metals43000,25%5009,00%3,25lb Cu3200363000001,35N/AN/A0,01210,0978410,2CUU.VCopper Fox Metalslb Cu3,255003,6010203,9016504,20215060,2CUU.VCopper Fox MetalsMultiple projects in JV/100% owned, so NAV is much bigger, Shaft Creek is 25/75 JV with Teck > no news> PEA Van Dyke (Gunnison style ISR) project expected before Dec 2015 > Van Dyke PEA delivered uneconomic results
28ITH.TOInternational Tower Hill0,270,3050,4550,4150,28531,4022,92116,311111200,440,40GoldAlaska, US71,69LivengoodOPMill/CIL2013 FSITH.TOInternational Tower Hill20,10,59-440,01,70%1500,00oz Au27575780001030N/AN/A2,0101-0,05210-19,2ITH.TOInternational Tower Hilloz Au1500,00-440,01800,00723,02000,001493,02200,002219,096,8ITH.TOInternational Tower HillManagement is busy optimizing, high grading etc.> no news > no news
29NGQ.TONGEx Resources0,60,470,5200,6000,700112,6382,22187,714520,0109,63CopperChile72,23Los Helados/Filo Del Sol/JosemariaOP/UGMill/CIL2014 PEANGQ.TONGEx Resources320000,35%429,009,40%3,25lb Cu43002500000001,1N/AN/A0,00340,191655,2NGQ.TONGEx Resourceslb Cu3,25429,003-300,003,5870,003,751400,0017,0NGQ.TONGEx ResourcesMega project from Lundin, problems expected for the Chilean part on permitting > bit inactive > divests JV asset to Skeena for mostly shares > Filo del Sol resource estimate increases with 39-42-71% for Au-Cu-Ag, PPS doubles?
30FPC.TOFalco Resources0,2450,250,2450,2500,30024,4317,8499,734520,221,43GoldQuebec, Canada83,64Horne 5UGMill/CILNI43-101FPC.TOFalco Resources2,83,400N/AN/AN/Aoz AuN/AN/AN/AN/AN/A7,6549N/AN/AFPC.TOFalco Resourcesoz AuN/AN/AN/AN/AN/AN/AN/AN/AN/AFPC.TOFalco ResourcesNI43-101 update Nov-Dec 2015, PEA Q2 2016, likely take over target for Oban (Roosen involved). Grade is too low to be economic at current prices, Horne5 needs gold 1400-1500 > hits lots of thick 3-4g/t AuEq interc.> good results for Horne 5 conf.dr.
31TXR.VTerrax Minerals0,2350,30,3600,3700,25015,8411,5667,416610,410,84GoldNorthwest Terr, Canada63,69YellowknifeN/AN/AExplorationTXR.VTerrax MineralsN/AN/AN/AN/AN/Aoz AuN/AN/AN/AN/AN/AN/AN/AN/ATXR.VTerrax Mineralsoz AuN/AN/AN/AN/AN/AN/AN/AN/AN/ATXR.VTerrax MineralsControlled by Roosen, maiden NI43-101 planned for Q1 2016. Very large property, existing former gold district, with lots of positive exploration results, very nordic > Herbert-Brent shear area returns decent drill results/samples > more good results
32FVL.TOFreegold Ventures0,0650,0950,1000,1200,0905,914,3190,870,511,40,16,31GoldAlaska, US71,69Golden Summit/Shorty CreekOPMill/CIL/HL2014 NI43FVL.TOFreegold Ventures6,50,65N/AN/AN/Aoz AuN/AN/AN/AN/AN/A0,9702N/AN/AFVL.TOFreegold Venturesoz AuN/AN/AN/AN/AN/AN/AN/AN/AN/AFVL.TOFreegold VenturesPEA is underway, only small part of resource is heap leachable. A large project would certainly be uneconomic > RCF VI takes 12% stake > drills 91m @ 0,71% CuEq at Shorty Creek which is decent for porphyry > no news
33PZG.USParamount Gold Nevada1,11,1701,1501,4200,000,008,51#DEEL/0!0,00GoldPZG.USParamount Gold NevadaPZG.USParamount Gold NevadaPZG.USParamount Gold NevadaNew PEA on Sleeper indicates a leveraged play: post-tax IRR of 14% @ gold $1100
34AN.VArena Minerals0,2150,2100,2500,1900,000,0080,02#DEEL/0!0,00CopperAN.VArena MineralsAN.VArena MineralsAN.VArena MineralsBeaty is major shareholder, interesting exploration JVs in Chile, Matysek is director
35PTM.TOPlatinum Group Metals0,2350,3800,3500,4000,000,00775,9#DEEL/0!0,00PGMPTM.TOPlatinum Group MetalsPTM.TOPlatinum Group MetalsPTM.TOPlatinum Group Metals
36WHC.ASXWhitehaven Coal0,731,0000,9601,2000,000,001025#DEEL/0!0,00CoalWHC.ASXWhitehaven CoalWHC.ASXWhitehaven CoalWHC.ASXWhitehaven Coal
37NHC.ASXNew Hope Corp1,981,9001,7002,0000,000,00831#DEEL/0!0,00CoalNHC.AASXNew Hope CorpNHC.AASXNew Hope CorpNHC.AASXNew Hope Corp
38BTU.USPeabody Energy9,2723,20018,20015,3000,000,0018,5#DEEL/0!0,00CoalBTU.USPeabody EnergyBTU.USPeabody EnergyBTU.USPeabody Energy
39CLD.USCloud Peak Energy2,343,1002,6802,8500,000,0061,03#DEEL/0!0,00CoalCLD.USCloud Peak EnergyCLD.USCloud Peak EnergyCLD.USCloud Peak Energy