Flagship Property: Curraghinalt = 100% Ownership … 1 Point
After-tax IRR = 25.5% … 1 Point
NPV/CapEx = 167% … 1 Point
F/D Market Cap per Resource Ounce = $86 … – 1 Point
Cost Structure = 50% … 1 Point
Resource Base = 3,066,000 M oz. … 1 Point
Future Cash Flow = US $1,983,702,000 … Unrated
Future Cash Flow Multiple = 5x … 1 Point
Share Structure = 367,579,114 … – 1 Point
Debt Coverage = 0 Debt … 1 Point
Projected Future Market Cap = US $1,149,750,000 … Unrated
Projected Future Market Cap Growth Percentage = 334% … – 1 Point
Location: Northern Ireland … 1 Point
Conclusion
Dalradian Resources excels in almost every area, but dilution has negatively impacted several factors, including Market Cap per Resource Ounce and overall future growth potential. At higher gold prices, Dalradian will do exceptionally well as one of Europe’s lowest-cost future producers. We have a target of $3.13 a share.
Score
6/11
Key
Flagship Project: 100% Ownership … 1 Point
After-tax IRR = > 20% … 1 Point
NPV/CapEx = > 1 … 1 Point
EV/Resources = < 1 … 1 Point
Cost Structure = < 50% … 1 Point
Resource Base = > 80 Mlbs. U308 … 1 Point
Future Cash Flow = Unrated
Future Cash Flow Multiple = > 5x … 1 Point
Share Structure = < 200 M … 1 Point
Debt Coverage = > 50% (or No Debt) … 1 Point
Projected Future Market Cap = Unrated
Projected Future Market Cap Growth Percentage = > 500% … 1 Point
Location: Friendly = 1 Point
