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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 33.1x - 36.6x | 34.9x |
| Selected Fwd P/E Multiple | 7.8x - 8.6x | 8.2x |
| Fair Value | C$1.77 - C$1.96 | C$1.87 |
| Upside | 17.5% - 29.8% | 23.7% |
| Benchmarks | - | Full Ticker |
| Thor Explorations Ltd. | - | TSXV:THX |
| Orezone Gold Corporation | - | TSX:ORE |
| Fortuna Mining Corp. | - | TSX:FVI |
| New Gold Inc. | - | TSX:NGD |
| IAMGOLD Corporation | - | TSX:IMG |
| Galiano Gold Inc. | - | TSX:GAU |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| THX | ORE | FVI | NGD | IMG | GAU | |||
| TSXV:THX | TSX:ORE | TSX:FVI | TSX:NGD | TSX:IMG | TSX:GAU | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | NM- | 40.2% | NM- | NM- | NM- | ||
| 3Y CAGR | NM- | NM- | 30.5% | -10.0% | NM- | NM- | ||
| Latest Twelve Months | 26.7% | 29.1% | 353.2% | 259.1% | 831.4% | -76.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 14.7% | 17.3% | 1.5% | -2.4% | -2.8% | 13.5% | ||
| Prior Fiscal Year | 23.5% | 15.9% | -6.0% | -8.2% | 8.9% | NA | ||
| Latest Fiscal Year | 7.7% | 19.6% | 12.1% | 11.1% | 50.2% | 2.6% | ||
| Latest Twelve Months | 33.2% | 19.6% | 12.1% | 11.1% | 50.2% | 2.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 2.3x | 2.6x | 3.5x | 6.2x | 6.2x | 3.2x | ||
| Price / LTM Sales | 1.3x | 1.0x | 1.5x | 2.6x | 2.0x | 1.2x | ||
| LTM P/E Ratio | 4.0x | 5.1x | 12.8x | 23.1x | 3.9x | 44.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 3.9x | 5.1x | 23.1x | |||||
| Historical LTM P/E Ratio | -1.5x | 4.1x | 44.6x | |||||
| Selected P/E Multiple | 33.1x | 34.9x | 36.6x | |||||
| (x) LTM Net Income | 6 | 6 | 6 | |||||
| (=) Equity Value | 203 | 213 | 224 | |||||
| (/) Shares Outstanding | 257.2 | 257.2 | 257.2 | |||||
| Implied Value Range | 0.79 | 0.83 | 0.87 | |||||
| FX Rate: USD/CAD | 0.7 | 0.7 | 0.7 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.12 | 1.18 | 1.24 | 1.51 | ||||
| Upside / (Downside) | -25.7% | -21.8% | -17.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | THX | ORE | FVI | NGD | IMG | GAU | |
| Value of Common Equity | 198 | 286 | 1,641 | 2,374 | 3,226 | 273 | |
| (/) Shares Outstanding | 664.3 | 515.6 | 306.5 | 791.3 | 572.4 | 257.2 | |
| Implied Stock Price | 0.30 | 0.56 | 5.35 | 3.00 | 5.64 | 1.06 | |
| FX Conversion Rate to Trading Currency | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | |
| Implied Stock Price (Trading Cur) | 0.43 | 0.79 | 7.62 | 4.27 | 8.02 | 1.51 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | |