Edison Investment Research - Aldridge Minerals Inc. (AGM.) Outlook: Turkish precious and base metal developer

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Edison Investment Research

Outlook: Turkish precious and base metal developer

After deducting C$7.1m in net cash as at 31 December 2014, Aldridgeâ€™s enterprise value of C$11.6m, or US$9.3m, equates to US$10.20 per in situ ounce of gold. That is close to the Canadian average of US$9.78/oz including by-products (see Gold â€“ The value of gold and other metals, published in February 2015). However, in this case by-products account for more than half the value of the resource. Once these are taken into account, the companyâ€™s resource multiple declines to just US$3.04/oz AuE. Finally, Aldridgeâ€™s EV equates to just 3.8% of the net present value of its project. This is consistent with a company that has completed a scoping study or preliminary economic assessment (PEA), but cheap for a one that has concluded a feasibility study, for which a more typical valuation would be 20% of NPV.

01/04/2015 2 EN

Underlying

Aldridge Minerals Inc.

Aldridge Minerals is a junior exploration company engaged in identifying, acquiring, exploring and, if warranted, developing mineral properties. Co. is in the process of exploring its mineral properties and has not yet determined if the properties contain ore reserves that are economically recoverable. The recoverability of the amounts shown for the mineral properties is dependent upon the existence of economically recoverable reserves, confirmation of title, the ability of Co. to obtain necessary financing to complete the development, and upon future profitable production.

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CA0144301029 Canada

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Outlook: Turkish precious and base metal developer

Aldridge Reports YE 2017 Financial Results and Provides a Corporate Update

Aldridge Appoints Jeremy South Chairman of the Board of Directors

Aldridge Announces Change of Corporate Secretary

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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