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I made a comparison matrix which ranks 14 ASX listed gold producers based on 47 metrics. The matrix is based on the performance of the companies during the 2015 and 2016 financial years. Each company is ascribed a score from 1 to 14 based on its performance on in each metric. The metrics are unweighted so each metric has equal importance in determing the score. The total scores and rankings are shown at the bottom of the matrix below.
Below are some notes about the matrix. Charts of the individual metrics will follow.
Notes
1) Companies were selected on the currency of their financial reporting (companies that haven't published their full year reports missed out) and companies which report their results in $US dollars were excluded (too hard to compare easily).
2)Share prices used to calculate market capitalisations, EV values etc are as at 30 June 2015 and 30 June 2016 (except for KCN where its price at time of suspension from trading in May 2016 has been used) and all calculations are based on the number of issued shares as at 30 June 2015 and 30 June 2016 on an undiluted basis.
3) Where conversions needed to be made between $US and $A (for companies that report AISC in $US) an exchange rate of 0.83cents was used for the FY2015 and 0.73cents for the FY2016 (average exchange rates I obtained from the RBA website for those years).
4) Resources and production figures include gold equivalent values for polymetallic deposits where they have been reported by the company. MLX doesn't report gold equivalent values so the calculations for its production does not include 3,536tonnes of tin produced in 2015 and 3,181 tonnes of tin produced in 2016. MLX's resource figures do not include gold equivalents for significant resources of Sn, Cu, Ni, Co, Fe and gold which form part of various polymetallic deposits owned by the company. SAR's Ni resources are also not account on a gold equivalent basis. Resource and reserve metrics are as reported by the companies as at 30 June 2015 and 30 June 2016.
5) Resource and reserve figures have been corrected for ownership %. You need to keep an eye on how the companies report their resources. Some like PRU report resources and reserves on the project level and leave the government ownerships in the projects as footnotes, hence bumping up their figures. RSG reports its resources exclusive of its ore reserves whereas the other 13 companies include their ore reserves within their resource figures (this has been accounted for in the calculations).
6) Also be aware that 6,580,800ozs of PRU's total resources which exist in their YG project are not JORC compliant or NI43-101 compliant. You need to read the fine print in the resource statements as some companies report non-JORC 2012 compliant resources.
Eshmun
