@Christophfff hey mate, the quarterly should have your answer you're after
@joseph9812
Hey Joseph I'm assuming the "98" in your name is your birth year so you're fairly young which is nice to see. I'll try to simplify it
Enterprise Value (EV) = Intrinsic value of the company.
JORC = Allows me to measure the size and quality of the mining asset.
EV/JORC is pretty much a ratio to benchmark the company against its asset. If you have a very cheap EV say $1million with an incredibly large resource say 10million (ounces, grams, tonnes whichever is your unit of measurement) your EV/JORC = 0.1 (buy)
Where as if you have a very expensive company say $100M EV and a small asst 1million ounces. You got an EV/JORC = 100 (sell)
There's countless other things you gotta consider, what the mineral is (if its a hot sector), management, location, grade (Quality), project stage, structure of the company (T20, broker backing, recent dilutions) which all will have an effect on your EV/JORC. So a 10million ounce resource at 2g/t will trade higher that a 10million ounce resource at 1g/t. As you go through 100's of companies you begin noticing patterns and general guidelines of EV/JORC which will dictate whats cheap and whats not.
A general example for gold I like buying anything with EV/JORC <10 for an explorer (given grade is >1 g/t).
For a gold producer usually much more derisked the EV/JORC can range between 50-400 (There are so many factors in production stage that can change the ratio, and I truly am not smart enough to know them all yet, its a different ball game to specs)
Perhaps this tip will help out what goes through my head:
https://hotcopper.com.au/threads/sh...057183/page-118?post_id=31507786#.WwlKWUiFPmE
As a project progress's and derisks, the EV/JORC increases. Hopefully this image helps out.
End of the day I created this whole EV/JORC bench marking system myself as I really struggled to understand mining results and it helped me find cheapies. If rewind bit over 2years I literally had no clue what mining was (grade, depth, strike) none of it even made sense to me. I went through the STT knowledge library (
https://hotcopper.com.au/threads/sh....4202023/page-6?post_id=33221593#.WwlOPEiFPmE) to learn a little, but I kept asking the STT community to do an entire weekend discussion on mining so I could learn off them lol (
https://hotcopper.com.au/threads/sh...2730400/page-31?post_id=17314737#.WwlLN0iFPmF)
I remember Sector, Fullmoonfever, Nambo and others all posted some very useful resources that weekend/week after. Perhaps worth revisiting that thread.
I still at times struggle to understand a good resource from a bad one. If we are talking "hearts" I probably have the worst understanding of mining, or in general the entire market lol. Out of the ones that still post here John, Speckle are your two best.
Apologies for the late reply guys.
(20min delay)