OK - managed to update the resources data in my model.
So, here's a few views re. relative valuation, etc. @bluethunder - this is in response to the discussion above; @jogo - saw your discussion over on the SBM board - really keen to get your thoughts on this too. Note - quite a few notes / caveats to this, but will post at the end.
1. EVA, EV / Ore Reserves, EV / Mineral Resources, EV / Production (for last 4 quarters), Production for Last 4 Quarters
2a. Mineral Resource Contained Metal (Moz, x-axis), MRE grade (g/t, y-axis) and EV (z-axis / size of bubble)
2b. Same as 2a, but excluding NCM, NST, EVN and KLA
2c. The explorer / producers only:
3. Ore Reserves Details (excluded orgs with no OR)
4a. Mineral Resources Details
4b. Same as 4a, but excluding AIS to help with granularity
Notes
1. KLA's last 4 production quarters is actually only 3 (Jun-20, Sep-20, Dec-20) as they have not yet published Mar-21 (as far as I can see) - i.e. this will skew their EV / Production value in table 1 (making them look less value than they really are).
2. I've had to manually total some of the MR and OR data - happy for anyone to point out any errors. Can provide the sources on request - but in the main it is the last published MRE.
3. I own BGL, CMM, DEG, GOR, NST, SBM, SLR and WAF (relevant to this thread).
4. I've tried to ensure accuracy, but I'm sure there are some errors in there. Please call any out and I will fix up. As always, please DYOR.
I'd be really keen to get a sense of whether this type of data helps form a view on where to invest. I know it helps me, but keen to hear from others. Also keen to hear of any additional data / views that could help - e.g. trend analysis (example below for GOR):
Or individual mine data - e.g. KLA Fosterville
Anyway, as stated at the start of this thread, I'm keen to spark some constructive conversation. I've posted these types of thread for 3 or 4 quarters now, and this is the first time it has really got anywhere. Thanks to @speculator101 @bluethunder @brown2348 @Fredbear2
JSS
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Mar-21 Quarterly Summary, page-18
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