Rigorous, transparent, institutional-grade
Our valuation framework is built on the same methodologies used by leading investment banks and mining consultancies, standardized for consistency and accessibility.
Discounted Cash Flow (DCF)
The gold standard of intrinsic valuation
We don’t use the NPV from the report. We independently build a complete DCF model from extracted inputs (capex, opex, production, grades) using consensus long-term pricing and risk-adjusted discount rates.
Key Components
- Independent cash flow projection — not copied from the report
- Consensus long-term pricing with 3-5 year trailing averages
- Report costs (capex, opex, recovery) benchmarked against comparable projects
- Country-specific tax, royalty and discount rate modeling
- Comparison vs. report’s own NPV to highlight discrepancies
Net Asset Value (NAV)
Resource-based valuation with market multiples
We independently calculate NAV from in-situ resources, adjusted for extraction costs, metallurgical recovery, and jurisdiction risk. P/NAV multiples are sourced from our proprietary database of 500+ mining companies.
Key Components
- In-situ value calculation per resource category (M&I, Inferred)
- Stage-appropriate discount factors (Exploration to Production)
- P/NAV multiple benchmarking against 500+ mining companies
- Jurisdiction risk premium adjustments
- Resource upside optionality consideration
Comparable Company Analysis
Market-derived valuation benchmarks
We benchmark against publicly-traded peers using EV/oz, EV/lb, P/NAV and other sector-specific metrics, filtered by commodity, stage, jurisdiction, and deposit type.
Key Components
- 500+ mining companies with real-time market data
- Multi-metric comparison (EV/Resource, EV/Reserve, P/NAV)
- Peer selection based on 12+ similarity factors
- Quartile analysis with statistical outlier handling
- Grade-adjusted and scale-adjusted comparisons
Precedent Transaction Analysis
What acquirers actually pay
Analysis of 5,000+ historical M&A transactions in the mining sector to determine acquisition multiples and premium benchmarks for similar assets.
Key Components
- 5,000+ mining M&A transactions since 2005
- Transaction premium analysis over pre-deal market cap
- Per-unit metrics ($/oz, $/lb) adjusted for inflation
- Stage-specific and commodity-specific filtering
- Control premium and synergy adjustments
Cost Benchmarking & Input Validation
Detecting unrealistic assumptions before they reach the model
Costs (capex, opex, recovery rate, mine life, production schedule) are extracted directly from the uploaded technical report. Before feeding them into our valuation models, the engine benchmarks every cost input against our proprietary database of comparable projects — filtered by commodity, jurisdiction, project stage and deposit type — to detect anomalies and flag unrealistic assumptions.
What Gets Benchmarked
- AISC / cash cost per unit vs. regional peer average
- Initial capex vs. comparable projects at similar scale
- Recovery rate vs. metallurgical benchmarks for deposit type
- Capex overrun probability based on historical statistics
- Opex assumptions vs. jurisdiction cost index
- Production ramp-up profile vs. comparable timelines
Example alert: "This project claims an AISC of $800/oz but comparable gold projects in Burkina Faso average $1,100/oz. The 27% gap may indicate optimistic cost assumptions — the valuation sensitivity section quantifies the impact."
Valuation you can trust
Transparency
Every assumption, input, and calculation is documented and auditable. No black boxes.
Consistency
Standardized methodology ensures comparable results across projects, commodities, and jurisdictions.
Risk Awareness
Three scenarios (Bear/Base/Bull) with explicit assumptions. Monte Carlo simulation for uncertainty quantification.
Industry Standards
Aligned with CIM valuation guidelines, JORC, NI 43-101, and CFA Institute best practices.
See the methodology in action
Try our interactive demo or explore the full feature set.