** SALAZAR RESOURCES** A0MMLD SRL ** Research Teil1; Start 21.3.07 (Seite 98)
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Ok super danke für die Infos.
Antwort auf Beitrag Nr.: 62.587.645 von Albert70 am 05.02.20 10:31:54Die Gefahr das sie ausbleibt besteht aus meiner Sicht nicht, da Salazar Resources alle Voraussetzungen erfüllt.
Es kann nur noch etwas dauern, bis die Genehmigungen erteilt werden. Ich rechne damit dass in den kommenden 1-2 Monaten die Genehmigungen vorliegen.
Habe mit Freddy Junior mich gestern ausgetauscht. Sie hoffen auch das die Genehmigungen bald kommen und sind hier auch zuversichtlich.
Es kann nur noch etwas dauern, bis die Genehmigungen erteilt werden. Ich rechne damit dass in den kommenden 1-2 Monaten die Genehmigungen vorliegen.
Habe mit Freddy Junior mich gestern ausgetauscht. Sie hoffen auch das die Genehmigungen bald kommen und sind hier auch zuversichtlich.
Was hat das mir der Wassernutzunfsgenehmigung auf sich die Matt Geiger hier anspricht. Besteht die Gefahr das sie ausbleibt oder wann rechnet Fredy mit ihr.
Hallo Skatbube,
ich habe in der Vergangenheit (vor +/- 8 Jahren) schon darauf hingewiesen, dass bei SRL oft nur das "Hauptprojekt" in die Bewertung eingeflossen ist. Diese "Tradition" scheint sich fortzusetzen. Für uns Aktionäre sicherlich nicht die schlechteste Option. Für Außenstehende ist allerdings eine niedrige Bewertungsgrundlage oftmals der Anlass zur Kritik am Unternehmen.
Hier wäre eine gute Informationspolitik sicherlich hilfreich, das Interesse and SRL-Aktien zu steigern.
Bei der jetzt viel besseren PR-Arbeit, denke ich, wird das auch gelingen!
ich habe in der Vergangenheit (vor +/- 8 Jahren) schon darauf hingewiesen, dass bei SRL oft nur das "Hauptprojekt" in die Bewertung eingeflossen ist. Diese "Tradition" scheint sich fortzusetzen. Für uns Aktionäre sicherlich nicht die schlechteste Option. Für Außenstehende ist allerdings eine niedrige Bewertungsgrundlage oftmals der Anlass zur Kritik am Unternehmen.
Hier wäre eine gute Informationspolitik sicherlich hilfreich, das Interesse and SRL-Aktien zu steigern.
Bei der jetzt viel besseren PR-Arbeit, denke ich, wird das auch gelingen!
Habe ich auch gelesen, Lotra!
Habe mal den Teil, wo es um die Unterbewertung von Salazar geht übersetzt:
Abschließend möchte ich die Leser daran erinnern, dass Salazar allein aufgrund seiner 25% igen freien Beteiligung am Curipamba-Projekt unterbewertet ist. Dies lässt sich an der vollständig verwässerten Marktkapitalisierung von Adventus Mining ablesen, die derzeit bei 96 Mio. CAD liegt. (Eine wichtige Annahme ist hier, dass die überwiegende Mehrheit der Marktbewertung von Adventus Mining auf Curipamba zurückzuführen ist, was meines Erachtens gerechtfertigt ist, da Curipamba bei weitem das fortschrittlichste Kapital des Unternehmens ist.) Die Logik impliziert, dass Salazar einen Anteil von 25% an der Börse hält Der Wert des Projekts sollte mindestens ein Drittel dieser 96-Millionen-C $ -Zahl oder rund 32-Millionen-C $ betragen. In der Zwischenzeit weist Salazar eine voll verwässerte Marktkapitalisierung von 30 Mio. CAD zum aktuellen Aktienkurs auf.
In einem Interview mit dem CRUX-Investor im Dezember 2019 bietet Salazar-Direktor Merlin Marr-Johnson eine zweite Möglichkeit, Salazars 25% ige Beteiligung an Curipamba zu quantifizieren. Er stellt fest, dass Adventus Anfang Januar 2019 einen 2% igen NSR auf Curipamba an die angesehene Lizenzgruppe Altius Minerals für 10 Mio. USD verkauft hat. Merlin merkt an, dass Salazars 25% iger freiberuflicher Anteil mit ~ 40 Mio. USD (oder ~ 52 Mio. CAD) bewertet werden kann, wenn die Faustregel gilt, dass ein NSR von 1% einem Projektanteil von 3% entspricht. Ich persönlich bin der Meinung, dass diese Annahme den Wert einer Lizenzgebühr im Verhältnis zum Projektkapital unterbewertet, und fühle mich wohler, wenn angenommen wird, dass ein NSR von 1% einem Projektanteil von 5% entspricht. Dieses konservativere Verhältnis schätzt den freien Anteil von 25% auf 25 Mio. USD (oder 33 Mio. CAD), was bedeutet, dass SRL allein für seinen Anteil an Curipamba mit einem Aktienkurs von 0,25 CAD bewertet werden sollte.
Beide Bewertungsübungen lassen darauf schließen, dass Salazar für seinen 25% igen Free Carry auf Curipamba leicht unterbewertet ist. Dies bedeutet, dass der Rest des Unternehmens kostenlos ist, einschließlich der zu 100% im Besitz von Rumiñahui, Los Osos und Macara befindlichen Liegenschaften (die alle in diesem Jahr gebohrt werden), der drei firmeneigenen Bohrgeräte und der firmeninternen Liegenschaften geologische IP von CEO Fredy Salazar zusammengestellt. Ich werde die Genehmigungssituation in Ecuador weiterhin genau beobachten und werde besonders besorgt sein, wenn in den kommenden Monaten keine Wassernutzungsgenehmigungen in Curipamba, Santiago, Rumiñahui, Los Osos und / oder Macara erteilt werden. Vorerst bleibt Salazar jedoch aufgrund seiner Bewertung und seines Potenzials für eine Neubewertung im Jahr 2020 eine gute Wahl - mit nicht weniger als sieben wichtigen Katalysatoren, die in den kommenden 12 Monaten erwartet werden (dh Bohrergebnisse bei sechs verschiedenen Projekten) & die Wiedereröffnung des Bergbaukatasters).
Laut der Rechnung ist alles außer Curipamba gar nicht im Preis enthalten!!! Kein Cent für die 4 eigenen Projekte inklusive Kolumbien! Kein Cent für das vorhandene Cash! Kein Cent für 3 eigene Bohrer!!!
Habe mal den Teil, wo es um die Unterbewertung von Salazar geht übersetzt:
Abschließend möchte ich die Leser daran erinnern, dass Salazar allein aufgrund seiner 25% igen freien Beteiligung am Curipamba-Projekt unterbewertet ist. Dies lässt sich an der vollständig verwässerten Marktkapitalisierung von Adventus Mining ablesen, die derzeit bei 96 Mio. CAD liegt. (Eine wichtige Annahme ist hier, dass die überwiegende Mehrheit der Marktbewertung von Adventus Mining auf Curipamba zurückzuführen ist, was meines Erachtens gerechtfertigt ist, da Curipamba bei weitem das fortschrittlichste Kapital des Unternehmens ist.) Die Logik impliziert, dass Salazar einen Anteil von 25% an der Börse hält Der Wert des Projekts sollte mindestens ein Drittel dieser 96-Millionen-C $ -Zahl oder rund 32-Millionen-C $ betragen. In der Zwischenzeit weist Salazar eine voll verwässerte Marktkapitalisierung von 30 Mio. CAD zum aktuellen Aktienkurs auf.
In einem Interview mit dem CRUX-Investor im Dezember 2019 bietet Salazar-Direktor Merlin Marr-Johnson eine zweite Möglichkeit, Salazars 25% ige Beteiligung an Curipamba zu quantifizieren. Er stellt fest, dass Adventus Anfang Januar 2019 einen 2% igen NSR auf Curipamba an die angesehene Lizenzgruppe Altius Minerals für 10 Mio. USD verkauft hat. Merlin merkt an, dass Salazars 25% iger freiberuflicher Anteil mit ~ 40 Mio. USD (oder ~ 52 Mio. CAD) bewertet werden kann, wenn die Faustregel gilt, dass ein NSR von 1% einem Projektanteil von 3% entspricht. Ich persönlich bin der Meinung, dass diese Annahme den Wert einer Lizenzgebühr im Verhältnis zum Projektkapital unterbewertet, und fühle mich wohler, wenn angenommen wird, dass ein NSR von 1% einem Projektanteil von 5% entspricht. Dieses konservativere Verhältnis schätzt den freien Anteil von 25% auf 25 Mio. USD (oder 33 Mio. CAD), was bedeutet, dass SRL allein für seinen Anteil an Curipamba mit einem Aktienkurs von 0,25 CAD bewertet werden sollte.
Beide Bewertungsübungen lassen darauf schließen, dass Salazar für seinen 25% igen Free Carry auf Curipamba leicht unterbewertet ist. Dies bedeutet, dass der Rest des Unternehmens kostenlos ist, einschließlich der zu 100% im Besitz von Rumiñahui, Los Osos und Macara befindlichen Liegenschaften (die alle in diesem Jahr gebohrt werden), der drei firmeneigenen Bohrgeräte und der firmeninternen Liegenschaften geologische IP von CEO Fredy Salazar zusammengestellt. Ich werde die Genehmigungssituation in Ecuador weiterhin genau beobachten und werde besonders besorgt sein, wenn in den kommenden Monaten keine Wassernutzungsgenehmigungen in Curipamba, Santiago, Rumiñahui, Los Osos und / oder Macara erteilt werden. Vorerst bleibt Salazar jedoch aufgrund seiner Bewertung und seines Potenzials für eine Neubewertung im Jahr 2020 eine gute Wahl - mit nicht weniger als sieben wichtigen Katalysatoren, die in den kommenden 12 Monaten erwartet werden (dh Bohrergebnisse bei sechs verschiedenen Projekten) & die Wiedereröffnung des Bergbaukatasters).
Laut der Rechnung ist alles außer Curipamba gar nicht im Preis enthalten!!! Kein Cent für die 4 eigenen Projekte inklusive Kolumbien! Kein Cent für das vorhandene Cash! Kein Cent für 3 eigene Bohrer!!!
Trading Spotlight
Ein sehr ausführlicher Artikel von Matt Geiger über das Drillprogramm von Salazar in 2020 !
Long Ideas | Basic Materials | Canada
Salazar To Complete Up To 6 Drill Programs In 2020
Feb. 3, 2020 3:14 PM ET | About: Salazar Resources Limited (SRLZF)
Matt Geiger
Matt Geiger
Natural resources, commodities, contrarian, value
MJG Capital
Summary
Salazar remains modestly undervalued for its 25% free-carried interest at Curipamba.
8500 meters of drilling are planned on 100%-owned properties this year.
Partner Adventus Mining plans to fund 10,000 meters of exploration drilling at Curipamba.
Salazar Resources (TSXV: SRL, OTC: SRLZF) was highlighted as the featured investment in the MJG partnership’s mid 2019 investor letter. We first initiated a position in SRL in April 2019 and today have a cost basis of roughly C$0.17 per share. While the SRL share price has risen nearly 20% over the past six months, it has actually been a slow and disappointing period for the company – though for reasons completely out of its control. I expect the news flow to pick up significantly in the coming months, with seven significant catalysts expected by year end 2020.
The source of the frustration is that drill permits country-wide have been held up by a bureaucratic blockage at the Ecuador Water Board. Ecuador doesn't have a culture of formal mining and, even within the federal government, there can be significant conflict between pro-mining and anti-mining factions. In this case, a rogue water minister was blocking the water permits necessary for drilling in a bid to stifle mining activity nationwide. This ploy worked for most of 2019 and exploration drilling across the country slowed to a crawl for both majors and juniors alike.
However, a shuffle of the Water Board in the fall by the pro-mining Moreno Administration seems to have remedied the issue. In late September, Salazar and Adventus jointly announced that “the partners recently received a water permit for a key concession that is part of the Pijili project”. With this water permit in hand, a drill program is set to commence at Pijili imminently. (Salazar has a 20% free-carried interest at Pijili through a construction decision.) Shortly thereafter, the final water permits were granted for a much higher profile project – Lundin Gold’s Fruta Del Norte. Lundin Gold declared first production at Fruta Del Norte to much fanfare just one week later. This movement on the permitting front is good news for all mining outfits active in Ecuador.
For the time being, Salazar still remains beholden to the Water Board for the issuance of water permits before the company can drill any of its 100%-owned properties (Rumiñahui, Los Osos, and Macara). It’s the same situation at the PEA-stage Curipamba Project under development by Adventus Mining where SRL has a 25% free-carry to production. So the company is not out of the woods just yet.
However, the Salazar management team remains supremely confident that the remaining water permits will be forthcoming soon. On January 14th, the company issued a press release with CEO Fredy Salazar stating that “Salazar Resources plans to drill Rumiñahui, Los Osos and Macara on a 100% basis in 2020 and evaluate strategic options as the projects advance”. As outlined in the press release, a total of US$2.6m has been allocated to the 2020 drilling budget which should allow for 8500 meters of drilling. The plan is to drill 3000 meters at Rumiñahui, 3000 meters at Los Osos, and 2500 meters at Macara as soon as the necessary water-use permits are in hand.
Drilling is also expected shortly at the Adventus joint venture properties. A large exploration drill program of 10,000 meters is expected at Curipamba where Adventus/Salazar will look for additional VMS lenses to supplement the El Domo deposit. According to a January 21 news release, fifteen new targets will be tested in this drill program. El Domo alone was shown to have an after-tax NPV8 of ~C$375 million as outlined in the May 2019 PEA. Any further discoveries on the greater Curipamba land package have the potential to take the economics of this project, which are already quite robust, to the next level. This drill program will commence as soon as the necessary water-use permits are in hand.
As mentioned earlier, the necessary approvals have already been received for Adventus/Salazar to begin a maiden drill program at the early stage Pijili Project. Pijili “has never been explored with modern exploration techniques, such as geophysics, nor has there been any systematic geological mapping, geochemical sampling, trenching and/or drilling undertaken” as noted on the Adventus website. On January 21, Adventus and Salazar jointly announced that up to 5000 meters of exploration drilling is budgeted between Pijili and Santiago for 2020. The drilling is expected to commence imminently at Pijili with first assays expected in Q2 2020. A similarly sized drill program will be conducted at Santiago later this year, assuming successful receipt of the water-use permit.
A final potential catalyst for SRL shareholders would be the reopening of the Ecuador Mining Cadastre, which has been shuttered for over 18 months now and is responsible for the issuance of new mining concessions. Salazar mentions in the January 14 news release that “Salazar Resources has four project applications pending, and it is hoped that at least one of these new projects will be awarded when the register reopens. In addition, the Company will submit several further applications for new projects and concession areas when the mining register opens.”
The prospects of the Mining Cadastre reopening soon were handed a big boost when, on January 14, it was announced that a Salazar employee named Enrique Gallegos was leaving the company to become Vice Minister of Mines in Ecuador. Mr. Gallegos has a close relationship with the current Mines Minister Augusto Briones, and it is well-known that his first priority is to get the Mining Cadastre reopened. This bodes well for Salazar’s chances of receiving new exploration concessions this year, and also demonstrates the caliber of the team that CEO Fredy Salazar has assembled in Ecuador.
I’ve provided below the Salazar milestones that can be expected over the coming 24 months. It’s important to note that the company is well-financed with a current working capital position of ~C$4 million. In addition, Salazar receives a minimum of $600,000 per annum in advanced royalty income from Curipamba, as well as management fees for exploration services provided to the Exploration Alliance for work on Pijili and Santiago. Despite the company’s ambitious plans to drill 8500 meters across its 100%-owned properties over the next twelve months, there is no need for the company to finance for the foreseeable future – an enviable position not shared by the vast majority of junior mining companies.
Drill results (3000m) at Pijili by end Q2 2020
Reopening of Ecuador Mining Cadastre by end Q2 2020
Ratification of the 100%-owned Alisales license in Columbia by end Q2 2020
Drill results (3000m) at Los Osos by end Q3 2020
Drill results (10,000m) from exploration drilling at Curipamba by end 2020
Drill results (3000m) at Rumiñahui by end 2020
Drill results (2500m) at Macara by end 2020
Drill results (2000m) at Santiago by end 2020
Feasibility Study at Curipamba announced by Adventus by end Q2 2021
Submission of draft EIA to Ecuadorean authorities for Curipamba by end Q2 2021
To conclude, I want to remind readers that Salazar is undervalued based solely on its 25% free-carried interest in the Curipamba Project. This can be seen by looking at the fully-diluted market capitalization of Adventus Mining, which currently sits at C$96 million. (A key assumption here is that the vast majority of Adventus Mining’s market valuation can be attributed to Curipamba, which I believe is fair given that Curipamba is far and away the company’s most advanced asset.) Logic implies that Salazar’s 25% free-carried stake in the project should be worth at least one-third of this C$96 million figure, or roughly C$32 million. Meanwhile, Salazar carries a fully-diluted market capitalization of C$30 million at the current share price.
In a December 2019 interview with CRUX investor, Salazar director Merlin Marr-Johnson provides a second way to quantify Salazar’s 25% free-carried interest in Curipamba. He notes that in early January 2019 Adventus sold a 2% NSR on Curipamba to the well-respected royalty group Altius Minerals for US$10m. Merlin notes that Salazar’s 25% free-carried stake can be valued at ~$40 million (or ~C$52 million) when using the rule of thumb that a 1% NSR is equal to a 3% project interest. I personally think that this assumption underweights the value of a royalty relative to project equity and am more comfortable assuming that a 1% NSR is equal to a 5% project interest. This more conservative ratio values the 25% free-carried interest at $25 million (or C$33 million), which implies that SRL should be valued at a C$0.25 share price for its stake in Curipamba alone.
Both of these valuation exercises suggest that Salazar is modestly undervalued for its 25% free-carry on Curipamba. This means that the rest of the company comes for free, including the 100%-owned Rumiñahui, Los Osos, and Macara properties (all of which will be drilled this year), the three company-owned drill rigs, and the in-house geological IP assembled by CEO Fredy Salazar. I will continue to monitor the permitting situation in Ecuador closely, and will become particularly worried if we don’t see water-use permits granted at Curipamba, Santiago, Rumiñahui, Los Osos, and/or Macara in the coming few months. But for the time being Salazar remains an easy hold, both due to its valuation as well as its potential for a re-rating in 2020 – with no less than seven major catalysts expected over the coming 12 months (i.e. drill results at six different projects & the reopening of the Mining Cadastre).
Disclosure: I am/we are long SRLZF. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Editor's Note: This article covers one or more microcap stocks. Please be aware of the risks associated with these stocks.
Long Ideas | Basic Materials | Canada
Salazar To Complete Up To 6 Drill Programs In 2020
Feb. 3, 2020 3:14 PM ET | About: Salazar Resources Limited (SRLZF)
Matt Geiger
Matt Geiger
Natural resources, commodities, contrarian, value
MJG Capital
Summary
Salazar remains modestly undervalued for its 25% free-carried interest at Curipamba.
8500 meters of drilling are planned on 100%-owned properties this year.
Partner Adventus Mining plans to fund 10,000 meters of exploration drilling at Curipamba.
Salazar Resources (TSXV: SRL, OTC: SRLZF) was highlighted as the featured investment in the MJG partnership’s mid 2019 investor letter. We first initiated a position in SRL in April 2019 and today have a cost basis of roughly C$0.17 per share. While the SRL share price has risen nearly 20% over the past six months, it has actually been a slow and disappointing period for the company – though for reasons completely out of its control. I expect the news flow to pick up significantly in the coming months, with seven significant catalysts expected by year end 2020.
The source of the frustration is that drill permits country-wide have been held up by a bureaucratic blockage at the Ecuador Water Board. Ecuador doesn't have a culture of formal mining and, even within the federal government, there can be significant conflict between pro-mining and anti-mining factions. In this case, a rogue water minister was blocking the water permits necessary for drilling in a bid to stifle mining activity nationwide. This ploy worked for most of 2019 and exploration drilling across the country slowed to a crawl for both majors and juniors alike.
However, a shuffle of the Water Board in the fall by the pro-mining Moreno Administration seems to have remedied the issue. In late September, Salazar and Adventus jointly announced that “the partners recently received a water permit for a key concession that is part of the Pijili project”. With this water permit in hand, a drill program is set to commence at Pijili imminently. (Salazar has a 20% free-carried interest at Pijili through a construction decision.) Shortly thereafter, the final water permits were granted for a much higher profile project – Lundin Gold’s Fruta Del Norte. Lundin Gold declared first production at Fruta Del Norte to much fanfare just one week later. This movement on the permitting front is good news for all mining outfits active in Ecuador.
For the time being, Salazar still remains beholden to the Water Board for the issuance of water permits before the company can drill any of its 100%-owned properties (Rumiñahui, Los Osos, and Macara). It’s the same situation at the PEA-stage Curipamba Project under development by Adventus Mining where SRL has a 25% free-carry to production. So the company is not out of the woods just yet.
However, the Salazar management team remains supremely confident that the remaining water permits will be forthcoming soon. On January 14th, the company issued a press release with CEO Fredy Salazar stating that “Salazar Resources plans to drill Rumiñahui, Los Osos and Macara on a 100% basis in 2020 and evaluate strategic options as the projects advance”. As outlined in the press release, a total of US$2.6m has been allocated to the 2020 drilling budget which should allow for 8500 meters of drilling. The plan is to drill 3000 meters at Rumiñahui, 3000 meters at Los Osos, and 2500 meters at Macara as soon as the necessary water-use permits are in hand.
Drilling is also expected shortly at the Adventus joint venture properties. A large exploration drill program of 10,000 meters is expected at Curipamba where Adventus/Salazar will look for additional VMS lenses to supplement the El Domo deposit. According to a January 21 news release, fifteen new targets will be tested in this drill program. El Domo alone was shown to have an after-tax NPV8 of ~C$375 million as outlined in the May 2019 PEA. Any further discoveries on the greater Curipamba land package have the potential to take the economics of this project, which are already quite robust, to the next level. This drill program will commence as soon as the necessary water-use permits are in hand.
As mentioned earlier, the necessary approvals have already been received for Adventus/Salazar to begin a maiden drill program at the early stage Pijili Project. Pijili “has never been explored with modern exploration techniques, such as geophysics, nor has there been any systematic geological mapping, geochemical sampling, trenching and/or drilling undertaken” as noted on the Adventus website. On January 21, Adventus and Salazar jointly announced that up to 5000 meters of exploration drilling is budgeted between Pijili and Santiago for 2020. The drilling is expected to commence imminently at Pijili with first assays expected in Q2 2020. A similarly sized drill program will be conducted at Santiago later this year, assuming successful receipt of the water-use permit.
A final potential catalyst for SRL shareholders would be the reopening of the Ecuador Mining Cadastre, which has been shuttered for over 18 months now and is responsible for the issuance of new mining concessions. Salazar mentions in the January 14 news release that “Salazar Resources has four project applications pending, and it is hoped that at least one of these new projects will be awarded when the register reopens. In addition, the Company will submit several further applications for new projects and concession areas when the mining register opens.”
The prospects of the Mining Cadastre reopening soon were handed a big boost when, on January 14, it was announced that a Salazar employee named Enrique Gallegos was leaving the company to become Vice Minister of Mines in Ecuador. Mr. Gallegos has a close relationship with the current Mines Minister Augusto Briones, and it is well-known that his first priority is to get the Mining Cadastre reopened. This bodes well for Salazar’s chances of receiving new exploration concessions this year, and also demonstrates the caliber of the team that CEO Fredy Salazar has assembled in Ecuador.
I’ve provided below the Salazar milestones that can be expected over the coming 24 months. It’s important to note that the company is well-financed with a current working capital position of ~C$4 million. In addition, Salazar receives a minimum of $600,000 per annum in advanced royalty income from Curipamba, as well as management fees for exploration services provided to the Exploration Alliance for work on Pijili and Santiago. Despite the company’s ambitious plans to drill 8500 meters across its 100%-owned properties over the next twelve months, there is no need for the company to finance for the foreseeable future – an enviable position not shared by the vast majority of junior mining companies.
Drill results (3000m) at Pijili by end Q2 2020
Reopening of Ecuador Mining Cadastre by end Q2 2020
Ratification of the 100%-owned Alisales license in Columbia by end Q2 2020
Drill results (3000m) at Los Osos by end Q3 2020
Drill results (10,000m) from exploration drilling at Curipamba by end 2020
Drill results (3000m) at Rumiñahui by end 2020
Drill results (2500m) at Macara by end 2020
Drill results (2000m) at Santiago by end 2020
Feasibility Study at Curipamba announced by Adventus by end Q2 2021
Submission of draft EIA to Ecuadorean authorities for Curipamba by end Q2 2021
To conclude, I want to remind readers that Salazar is undervalued based solely on its 25% free-carried interest in the Curipamba Project. This can be seen by looking at the fully-diluted market capitalization of Adventus Mining, which currently sits at C$96 million. (A key assumption here is that the vast majority of Adventus Mining’s market valuation can be attributed to Curipamba, which I believe is fair given that Curipamba is far and away the company’s most advanced asset.) Logic implies that Salazar’s 25% free-carried stake in the project should be worth at least one-third of this C$96 million figure, or roughly C$32 million. Meanwhile, Salazar carries a fully-diluted market capitalization of C$30 million at the current share price.
In a December 2019 interview with CRUX investor, Salazar director Merlin Marr-Johnson provides a second way to quantify Salazar’s 25% free-carried interest in Curipamba. He notes that in early January 2019 Adventus sold a 2% NSR on Curipamba to the well-respected royalty group Altius Minerals for US$10m. Merlin notes that Salazar’s 25% free-carried stake can be valued at ~$40 million (or ~C$52 million) when using the rule of thumb that a 1% NSR is equal to a 3% project interest. I personally think that this assumption underweights the value of a royalty relative to project equity and am more comfortable assuming that a 1% NSR is equal to a 5% project interest. This more conservative ratio values the 25% free-carried interest at $25 million (or C$33 million), which implies that SRL should be valued at a C$0.25 share price for its stake in Curipamba alone.
Both of these valuation exercises suggest that Salazar is modestly undervalued for its 25% free-carry on Curipamba. This means that the rest of the company comes for free, including the 100%-owned Rumiñahui, Los Osos, and Macara properties (all of which will be drilled this year), the three company-owned drill rigs, and the in-house geological IP assembled by CEO Fredy Salazar. I will continue to monitor the permitting situation in Ecuador closely, and will become particularly worried if we don’t see water-use permits granted at Curipamba, Santiago, Rumiñahui, Los Osos, and/or Macara in the coming few months. But for the time being Salazar remains an easy hold, both due to its valuation as well as its potential for a re-rating in 2020 – with no less than seven major catalysts expected over the coming 12 months (i.e. drill results at six different projects & the reopening of the Mining Cadastre).
Disclosure: I am/we are long SRLZF. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Editor's Note: This article covers one or more microcap stocks. Please be aware of the risks associated with these stocks.
NEWS * NEWS * NEWS
News Release Issued: Feb 4, 2020 (7:00am EST)
Adventus Appoints Project Director for Curipamba Project in Ecuador
Ticker Symbols: ADZN–V, ADVZF-OTCQX
TORONTO, Feb. 4, 2020 /CNW/ - Adventus Mining Corporation ("Adventus" or the "Company") (TSX-V: ADZN; OTCQX: ADVZF) is pleased to announce the appointment of Dustin Small, P.Eng. as Director of Projects to lead the continuing engineering development of the Curipamba project which is centred on the El Domo deposit.
Adventus Mining Corporation (CNW Group/Adventus Mining Corporation)
Mr. Small is an engineering, construction, and project management professional with 20 years of experience primarily in the global mining sector, as well as experience in the water treatment, power generation, and oil and gas industries. He is expected to bring a proven track record in the successful planning and execution of projects in the Americas to Adventus, including disciplines such as process plant design, contract and risk management, project controls and cost estimation. Mr. Small comes from a strong EPCM/EPC background and brings knowledge and expertise in all aspects of project development ranging from conceptualization, feasibility studies, engineering, construction, and commissioning. Most recently, he has held project and construction management roles on small to large scale mining projects ranging in size from US$100 million to over US$4 billion with Wood plc (formerly Amec Foster Wheeler) in North America and with Hatch Ltd in Santiago, Chile. Mr. Small holds a Bachelor of Engineering (Mechanical) from Dalhousie University and is a registered Professional Engineer in Ontario and British Columbia, Canada.
As Adventus continues its significant exploration and engineering programs in advancing the Curipamba, Pijilí and Santiago projects in Ecuador, it continues to build its leadership team with proven professionals. Christian Kargl-Simard, President and Chief Executive Officer of Adventus, commented: "We are excited to welcome Dustin and his extensive project experience to lead our Curipamba trade-off and engineering studies which have been ongoing since the completion of the Preliminary Economic Assessment in 2019. Dustin will work closely with Adventus' multi-disciplinary management team based in Toronto and Quito. The advancement of the engineering and exploration programs at Curipamba will allow Adventus to commence the feasibility study in the second half of 2020."
Grant of Restricted Share Units and Stock Options
Adventus announces award of an aggregate of 147,500 restricted share units ("RSUs") under the Company's share compensation plan to employees. Each RSU represents a right to receive one common share of the Company, following the vesting of such restricted share units following a two-year period. Adventus has also granted an aggregate of 500,000 incentive stock options (the "Options") under the Company's share compensation to employees of the Company with an exercise price of C$0.86 per Option, exercisable for a period of five years from the date of grant and vesting over a three-year period.
About Adventus
Adventus Mining Corporation is a well-financed exploration and project development company, focused in Ecuador. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Resource Capital Funds, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus is leading the exploration and engineering advancement of the Curipamba copper-gold project in Ecuador as part of an earn-in agreement to obtain a 75% ownership interest. In addition, Adventus is engaged in a country-wide exploration alliance with its partners in Ecuador, which has incorporated the Pijili and Santiago projects to date. Adventus has an investment portfolio of equities in several junior exploration companies and exploration projects in Ireland with South32 as funding partner. Adventus is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains "forward -looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Adventus expects or anticipates will or may occur in the future. Although Adventus has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Adventus undertakes to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Adventus Mining Corporation
News Release Issued: Feb 4, 2020 (7:00am EST)
Adventus Appoints Project Director for Curipamba Project in Ecuador
Ticker Symbols: ADZN–V, ADVZF-OTCQX
TORONTO, Feb. 4, 2020 /CNW/ - Adventus Mining Corporation ("Adventus" or the "Company") (TSX-V: ADZN; OTCQX: ADVZF) is pleased to announce the appointment of Dustin Small, P.Eng. as Director of Projects to lead the continuing engineering development of the Curipamba project which is centred on the El Domo deposit.
Adventus Mining Corporation (CNW Group/Adventus Mining Corporation)
Mr. Small is an engineering, construction, and project management professional with 20 years of experience primarily in the global mining sector, as well as experience in the water treatment, power generation, and oil and gas industries. He is expected to bring a proven track record in the successful planning and execution of projects in the Americas to Adventus, including disciplines such as process plant design, contract and risk management, project controls and cost estimation. Mr. Small comes from a strong EPCM/EPC background and brings knowledge and expertise in all aspects of project development ranging from conceptualization, feasibility studies, engineering, construction, and commissioning. Most recently, he has held project and construction management roles on small to large scale mining projects ranging in size from US$100 million to over US$4 billion with Wood plc (formerly Amec Foster Wheeler) in North America and with Hatch Ltd in Santiago, Chile. Mr. Small holds a Bachelor of Engineering (Mechanical) from Dalhousie University and is a registered Professional Engineer in Ontario and British Columbia, Canada.
As Adventus continues its significant exploration and engineering programs in advancing the Curipamba, Pijilí and Santiago projects in Ecuador, it continues to build its leadership team with proven professionals. Christian Kargl-Simard, President and Chief Executive Officer of Adventus, commented: "We are excited to welcome Dustin and his extensive project experience to lead our Curipamba trade-off and engineering studies which have been ongoing since the completion of the Preliminary Economic Assessment in 2019. Dustin will work closely with Adventus' multi-disciplinary management team based in Toronto and Quito. The advancement of the engineering and exploration programs at Curipamba will allow Adventus to commence the feasibility study in the second half of 2020."
Grant of Restricted Share Units and Stock Options
Adventus announces award of an aggregate of 147,500 restricted share units ("RSUs") under the Company's share compensation plan to employees. Each RSU represents a right to receive one common share of the Company, following the vesting of such restricted share units following a two-year period. Adventus has also granted an aggregate of 500,000 incentive stock options (the "Options") under the Company's share compensation to employees of the Company with an exercise price of C$0.86 per Option, exercisable for a period of five years from the date of grant and vesting over a three-year period.
About Adventus
Adventus Mining Corporation is a well-financed exploration and project development company, focused in Ecuador. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Resource Capital Funds, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus is leading the exploration and engineering advancement of the Curipamba copper-gold project in Ecuador as part of an earn-in agreement to obtain a 75% ownership interest. In addition, Adventus is engaged in a country-wide exploration alliance with its partners in Ecuador, which has incorporated the Pijili and Santiago projects to date. Adventus has an investment portfolio of equities in several junior exploration companies and exploration projects in Ireland with South32 as funding partner. Adventus is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains "forward -looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Adventus expects or anticipates will or may occur in the future. Although Adventus has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Adventus undertakes to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Adventus Mining Corporation
Noch als kleine Ergänzung.
Wenn alles gut läuft, steigt Salazar mit El Domo zum Produzenten schon im Jahr 2023 auf.
Adventus und Salazar arbeiten mit Hochdruck daran.
Es ist das derzeit hochgradigste noch nicht entwickelte Kupfer vorkommen weltweit laut Adventus Mining.
Das schöne daran, Salazar Resources muss keinen Cent für die Produktionsnahme investieren, da Salazar einen FREE Carry 25% Anteil an Curipamba besitzt.
Airborne hat 15 neue hochgradige Ziele auf der 22.000 ha großen Curipamba Projekt hervorgebracht, die alle in 2020 gebohrt werden sollen.
Adventus Mining hat sich verpflichtet jedes minenfähige Deposit in Produktion zu nehmen. Auch hier gilt der FREE Carry Anteil von 25% für Salazar .
Phantasie kommt bei mir auf weil VMS Vorkommen immer in Clustern auftreten, d. h. die Chance auf weitere Entdeckungen auf Curipamba ist sehr groß! Wenn nicht haben wir mit El Domo zumindest eine hoch rentable Mine und steigen zum Produzenten auf.
Wenn alles gut läuft, steigt Salazar mit El Domo zum Produzenten schon im Jahr 2023 auf.
Adventus und Salazar arbeiten mit Hochdruck daran.
Es ist das derzeit hochgradigste noch nicht entwickelte Kupfer vorkommen weltweit laut Adventus Mining.
Das schöne daran, Salazar Resources muss keinen Cent für die Produktionsnahme investieren, da Salazar einen FREE Carry 25% Anteil an Curipamba besitzt.
Airborne hat 15 neue hochgradige Ziele auf der 22.000 ha großen Curipamba Projekt hervorgebracht, die alle in 2020 gebohrt werden sollen.
Adventus Mining hat sich verpflichtet jedes minenfähige Deposit in Produktion zu nehmen. Auch hier gilt der FREE Carry Anteil von 25% für Salazar .
Phantasie kommt bei mir auf weil VMS Vorkommen immer in Clustern auftreten, d. h. die Chance auf weitere Entdeckungen auf Curipamba ist sehr groß! Wenn nicht haben wir mit El Domo zumindest eine hoch rentable Mine und steigen zum Produzenten auf.
Der Newsflow in 2020 ist bisher TOP!
Das nicht jede Woche eine News kommen kann, ist klar.
Aber entscheidend wird sein, welche Ergebnisse die Bohrprogramme liefern und ob Salazar Resources weiterhin für Furore am Explorer Markt sorgen kann.
Die Beförderung von Merlin Marr Johnson zum Vice President stimmt mich hier sehr positiv. Ich habe ihn letztes Jahr persönlich auf der Edelmetallmesse in München kennengelernt.
Ein Top Mann, der aus meiner Sicht das letzte wichtige Puzzle Stück war, daß uns jahrelang gefehlt hat.
Zusammen mit der Arlington Group als strategischer Partner und Adventus Mining als JV Partner sehe ich Fredy und sein Team für die kommenden Jahre excellent am Explorer Markt aufgestellt.
Der Kurs ist auch erstaunlich stabil nach dem rasanten Anstieg letzte Woche. Das zeigt wie massiv unterbewertet Salazar Resources war und aus meiner Sicht immer noch ist.
Das nicht jede Woche eine News kommen kann, ist klar.
Aber entscheidend wird sein, welche Ergebnisse die Bohrprogramme liefern und ob Salazar Resources weiterhin für Furore am Explorer Markt sorgen kann.
Die Beförderung von Merlin Marr Johnson zum Vice President stimmt mich hier sehr positiv. Ich habe ihn letztes Jahr persönlich auf der Edelmetallmesse in München kennengelernt.
Ein Top Mann, der aus meiner Sicht das letzte wichtige Puzzle Stück war, daß uns jahrelang gefehlt hat.
Zusammen mit der Arlington Group als strategischer Partner und Adventus Mining als JV Partner sehe ich Fredy und sein Team für die kommenden Jahre excellent am Explorer Markt aufgestellt.
Der Kurs ist auch erstaunlich stabil nach dem rasanten Anstieg letzte Woche. Das zeigt wie massiv unterbewertet Salazar Resources war und aus meiner Sicht immer noch ist.
Goldgrade
Für Investoren ist nicht eine höhere Grammzahl auf ein paar wenigen Metern interessant,sondern die Masse an Gold, die ich aus dem Boden herausholen kann!.
Von daher ist es sicher lukrativ die Reichhaltigkeit des Bodens zu untersuchen!!! Auch die Frage der Kosten für den Abbau per Unze spielt eine wesentliche Rolle.
Das ist für mich als Investor von elementarer Wichtigkeit und nichts anderes!!!
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