Gold Industry In-Situ Valuation Report African Projects October 2022
Description
Gold Industry In-Situ Valuation Report African Projects October 2022
Understanding the value of an asset is a fundamental requirement in the decision-making process for professionals in any industry. This is true for a variety of purposes from approving capital allocation and financing of a project, negotiating the sale or purchase of an asset, or assessing the risk of impairment for financial reporting purposes.
The simplest way to understand the value of an asset is to compare it to a similar asset with a known value. This is the referred to as the Market Comparative Valuation Approach or the Market Approach. Millions of residential properties are valued this way every day. This is also the way that the second-hand car market operates, and the way that many other assets change hands.
In the context of the minerals industry, this methodology is greatly restricted by the lack of access to the relevant mineral asset data that enables the approach. Due to the relatively low volume of transactions, the complexities involved with considering the confidence levels of in-situ Mineral Resources, and the comparability of assets, additional analysis of the data is required to yield meaningful results.
The Gold Industry In-Situ Resource Valuation Report was designed to address this problem for the gold industry and includes the following mineral asset data:
Analysis of 396 gold mineral assets (the Global Dataset) owned by publicly traded companies. The analysis is presented as dollar per ounce (USD/oz) value distribution curves for the Inferred, Indicated and Measured resource categories.
Analysis of 56 publicly traded companies that own or operate gold assets. The analysis includes a comparison of the USD/oz in-situ value of each company’s mineral assets to the Global Dataset.
Analysis of the Global Dataset based on the Development Stage of the mineral assets.
Analysis of the Global Dataset based on the location of the mineral assets. The regions reviewed are North America, South America, Africa, and Eurasia and Oceania.
Analysis of 39 transactions in which gold mineral assets were bought or sold. Each transaction is analysed separately and benchmarked against the Global Dataset.
The Gold Industry In-Situ Resource Valuation Report, African Regions is a subset of the Global Dataset and includes 92 gold mineral assets, 14 companies and 7 transactions.
This Gold Industry In-Situ Valuation Report is designed to assist any person that needs to evaluate the in-situ value of gold assets or projects. This report can be used to benchmark asset valuations, inform value expectations, identify over- or under-valued gold mining stocks, assess past or proposed transactions, or estimate impairment risk. This report will add value to professionals in the gold industry, including Investment Advisory Services, Corporate Finance, Transaction Advisory Services and Audit Services. From the information provided, the value of any gold mineral asset can be quickly and accurately determined based on the estimated in-situ gold Mineral Resources.
Understanding the value of an asset is a fundamental requirement in the decision-making process for professionals in any industry. This is true for a variety of purposes from approving capital allocation and financing of a project, negotiating the sale or purchase of an asset, or assessing the risk of impairment for financial reporting purposes.
The simplest way to understand the value of an asset is to compare it to a similar asset with a known value. This is the referred to as the Market Comparative Valuation Approach or the Market Approach. Millions of residential properties are valued this way every day. This is also the way that the second-hand car market operates, and the way that many other assets change hands.
In the context of the minerals industry, this methodology is greatly restricted by the lack of access to the relevant mineral asset data that enables the approach. Due to the relatively low volume of transactions, the complexities involved with considering the confidence levels of in-situ Mineral Resources, and the comparability of assets, additional analysis of the data is required to yield meaningful results.
The Gold Industry In-Situ Resource Valuation Report was designed to address this problem for the gold industry and includes the following mineral asset data:
Analysis of 396 gold mineral assets (the Global Dataset) owned by publicly traded companies. The analysis is presented as dollar per ounce (USD/oz) value distribution curves for the Inferred, Indicated and Measured resource categories.
Analysis of 56 publicly traded companies that own or operate gold assets. The analysis includes a comparison of the USD/oz in-situ value of each company’s mineral assets to the Global Dataset.
Analysis of the Global Dataset based on the Development Stage of the mineral assets.
Analysis of the Global Dataset based on the location of the mineral assets. The regions reviewed are North America, South America, Africa, and Eurasia and Oceania.
Analysis of 39 transactions in which gold mineral assets were bought or sold. Each transaction is analysed separately and benchmarked against the Global Dataset.
The Gold Industry In-Situ Resource Valuation Report, African Regions is a subset of the Global Dataset and includes 92 gold mineral assets, 14 companies and 7 transactions.
This Gold Industry In-Situ Valuation Report is designed to assist any person that needs to evaluate the in-situ value of gold assets or projects. This report can be used to benchmark asset valuations, inform value expectations, identify over- or under-valued gold mining stocks, assess past or proposed transactions, or estimate impairment risk. This report will add value to professionals in the gold industry, including Investment Advisory Services, Corporate Finance, Transaction Advisory Services and Audit Services. From the information provided, the value of any gold mineral asset can be quickly and accurately determined based on the estimated in-situ gold Mineral Resources.
Table of Contents
72 Pages
- Overview
- Introduction
- Fundamental Premise
- Mineral Resource Confidence
- Development Stage
- Jurisdiction
- Valuation Methodologies
- Limitations of the Cost Approach
- Limitations on the Cash Flow Approach
- Limitations of the Market Approach
- The Mineral Valuation Group Market Comparative Dataset
- Data Gathering
- Data from Publicly Listed Companies
- Transaction Data
- Quality Assurance and Quality Control
- Data Processing
- The African Projects Dataset and Subsets
- African Projects Dataset
- Development Stage: Production
- Development Stage: Pre-Production
- Development Stage: Greenfields
- Using the Datasets
- Analysis using the Mineral Valuation Group Market Comparative Dataset
- Company Analysis
- African Rainbow Minerals
- AngloGold Ashanti
- B2Gold Corp
- Barrick Gold Corporation
- DRDGold
- Endeavour Mining
- First Quantum Minerals Ltd
- Harmony Gold Limited
- IAMGold Corporation
- Kinross Gold Corp
- Newmont Corporation
- Pan African Resources PLC
- Resolute Mining Limited
- Sibanye Stillwater
- Transaction Analysis
- T007: Perseus Mining Limited - Orca Gold Inc
- T021: B2Gold - Oklo Resources
- T023: West African Resources - B2Gold
- T024: Endeveavour Mining – Semafo
- T025: Endeavour - Teranga Gold
- T030: Asante Gold - Kinross Gold Corp
- T032: Allied Gold - IAMGOLD and Anglogold
- Signature Page
- Appendix 1: Global Dataset
- Appendix 2: Value Distribution Graphs
- Appendix 3: Transaction Dataset
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