The long-term gold or silver price at which our modeled NAV per share equals the current share price. For Vizsla, the metric is shown as a paired silver/gold scenario because both metals move together in the model. Interpolated linearly between the Minenwerte scenarios, or extrapolated outside them.
FUNDAMENTAL RESEARCH · COMMODITIES · MINING · VALUATION
Understand the value
behind the mine.
Minenwerte.de analyses resource companies from the perspective of long-term investors. The focus is not on short-term price targets, but on the economic value of mines, resources and development projects – and on the risks standing between that value and its realization.
We examine reserves and resources, production costs, capital requirements, project economics, financing, jurisdiction and growth potential, then compare the resulting fundamental value with the current market valuation.
Our analyses
Four companies.
Four investment profiles.
Producer, developer, gold, silver, growth or asset value: the starting points differ materially. That is exactly why we compare them next using the same valuation framework.
01Open analysis ↗
02Open analysis ↗
03Open analysis ↗
04Open analysis ↗
Solidcore Resources
Exceptionally long-life gold reserves, strong cash generation and Ertis POX as the strategic key to in-house processing.
B2Gold
An established cash-flow base meets the Goose ramp-up and several major development options for the next phase of growth.
Equinox Gold
A large production portfolio with strong operating leverage and substantial value potential from ramp-ups and portfolio optimization.
Vizsla Silver
High-grade Panuco with exceptional project economics and exploration potential extending far beyond the first mine.
Why these companies?
We deliberately focus on only a small number of companies where we see either a notable valuation discrepancy, exceptional asset quality or a clear strategic inflection point. Over time, we will selectively add further companies that we consider particularly interesting from a fundamental perspective.
Minenwerte Screener · Coverage Universe
Directly comparable.
On the same NAV basis.
Four companies. One valuation framework. Our analyses become directly comparable here: current or last available prices, our NAV valuations, and key metrics for reserves, production and costs.
The proprietary Minenwerte metrics are particularly useful: the long-term metal price implied by the share price and the NAV metal leverage.
| Company | Price | Model value · current | Potential | Market Cap / EV | Reserves | EV / Reserve oz | Production / AISC | NAV · Base | P/NAV · Base | Implied metal price | NAV metal leverage |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Loading screener … | |||||||||||
Centered value sensitivity around the Base Case. 1.65× means approximately: a +1% change in the long-term metal price changes modeled NAV by about +1.65%. For Vizsla, silver and gold move together along the defined scenario pairs.
The value per share derived from our NAV model at the currently maintained metal prices. For Vizsla, silver and gold are jointly mapped onto the defined scenario axis using the FS price sensitivities. NAV means Net Asset Value – the modelled net value of the assets after debt and other adjustments.
Every price shows its actual date. NAV, reserves and fundamentals have their own reference dates and are not presented as artificially “live”.
Minenwerte · Time series
Market & valuation over time
Our daily data points build a proprietary history. Compare the share-price performance of all four companies with gold – or track whether the discount to Base NAV is closing or widening.
01 / 04
Kazakhstan · gold · tin · processing
Solidcore
Resources
A profitable gold producer in strategic transition. With Kyzyl, Solidcore owns one of Central Asia’s exceptionally long-lived gold assets. Ertis POX is intended to bring refractory-ore processing under the company’s own control, while Syrymbet and Besshoky add optionality in tin and copper. The key question: What are these assets and future cash flows worth – and what discount is justified by Kazakhstan, execution risk and the remaining dependence on external processing capacity?
Kyzyl
Ertis POX
Syrymbet
Varvara
Investment thesis: An existing gold business is funding the build-out of a much broader resource platform. The key is whether the market already reflects the value of Kyzyl, Ertis POX and the development portfolio.
Deep Dive →PANUCOSinaloa · Mexico
02 / 04
Mexico · silver · development
Vizsla
Silver
Exceptional project economics meet real execution risk. Panuco’s Feasibility Study shows high grades, low costs, a short payback period and a strong modelled project value. At the same time, Vizsla is not yet a producer: permitting, construction and ramp-up still lie ahead – and the serious security incident in Sinaloa has made an additional, concrete project risk visible. The investment case extends further: Large parts of the district remain insufficiently explored. If Vizsla can convert additional resources into economically mineable reserves, today’s 9.4-year mine plan could evolve into a substantially longer-lived asset.
Panuco
Silver
Exploration
Development
Investment thesis: Even the current mine plan can support substantial value under more conservative assumptions. Exploration is therefore not required for the thesis – but could become its largest additional value driver.
Deep Dive →03 / 04
Gold · Producer · Growth
B2Gold
B2Gold is an internationally diversified gold producer with four operating mines. Fekola remains a key cash-flow contributor, while Goose is emerging as the new Canadian production pillar. Fekola Regional and Antelope are designed to extend the use of existing infrastructure; the high-grade Back River District and Gramalote add further development and exploration optionality.
Fekola
Goose
Back River
Gramalote
Investment thesis: Existing cash flows meet a new generation of projects. The key question is whether Goose reaches its planned steady state and whether B2Gold can convert its development options into additional cash flow reliably and capital-efficiently.
Deep Dive →04 / 04
Americas · gold · scaling
Equinox
Gold
The investment story revolves around scale: large North American assets, growing production and the question of whether size can translate into sustainably high free cash flow.
Greenstone
Valentine
Gold
Cash flow
Investment thesis: Growth alone is not enough – what matters are operational stability, costs, balance sheet strength and free cash flow per share.
Deep Dive →What we analyse
AssetsReserves & resourcesCostsProject economics
NAVCapital requirementsJurisdictionRisks
A good deposit is not automatically a good investment. What matters is how much of its geological potential can be realized economically, how much capital is required and what price investors are paying for it today.
Our approach
Fewer companies.
More understanding.
Minenwerte.de is not a news ticker or a stock newsletter. We want to understand what lies behind the numbers: asset quality and mine life, technical characteristics, infrastructure, capital requirements, growth, risks and valuation.
Instead of covering dozens of companies superficially, we focus on selected investment cases and go materially deeper.
Contact
Comments, questions,
different views?
Questions, comments or a different view of an investment case? Feel free to get in touch.
Transparency & disclaimer
Own positions are disclosed.
The operator of Minenwerte.de may be invested in the companies covered. Existing positions are transparently disclosed in the respective analyses. All content is provided solely for information and educational purposes and does not constitute investment advice or a solicitation to buy or sell securities.
Despite careful research, information may be incomplete, outdated or incorrect. Investments in resource and mining companies involve substantial risks.