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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 2.9x - 3.2x | 3.0x |
| Selected Fwd EBIT Multiple | -47.6x - -52.6x | -50.1x |
| Fair Value | €0.21 - €0.22 | €0.21 |
| Upside | -25.3% - -22.0% | -23.7% |
| Benchmarks | Ticker | Full Ticker |
| TRX Gold Corporation | TRX | TSX:TRX |
| Aris Mining Corporation | ARIS | TSX:ARIS |
| Largo Physical Vanadium Corp. | VAND | TSXV:VAND |
| Avino Silver & Gold Mines Ltd. | ASM | TSX:ASM |
| Cerro de Pasco Resources Inc. | CDPR | TSXV:CDPR |
| Empress Royalty Corp. | 53G | DB:53G |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TRX | ARIS | VAND | ASM | CDPR | 53G | ||
| TSX:TRX | TSX:ARIS | TSXV:VAND | TSX:ASM | TSXV:CDPR | DB:53G | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | -5.1% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 16.0% | 1.0% | 28.2% | 5074.9% | NM | 359.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.7% | 25.1% | -1401.0% | -23.5% | -75.8% | -231.9% | |
| Prior Fiscal Year | 36.2% | 26.1% | NA | 0.7% | -128.8% | -28.4% | |
| Latest Fiscal Year | 29.3% | 23.1% | -2303.6% | 23.1% | -138.0% | 32.4% | |
| Latest Twelve Months | 25.3% | 23.1% | 967.1% | 23.1% | -142.5% | 32.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.20x | 2.96x | -68.53x | 4.16x | 6.97x | 2.90x | |
| EV / LTM EBITDA | 7.1x | 9.9x | NA | 14.6x | -4.9x | 5.5x | |
| EV / LTM EBIT | 8.7x | 12.8x | -7.1x | 18.1x | -4.9x | 9.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -7.1x | 8.7x | 18.1x | ||||
| Historical EV / LTM EBIT | -8.2x | -7.7x | 9.0x | ||||
| Selected EV / LTM EBIT | 2.9x | 3.0x | 3.2x | ||||
| (x) LTM EBIT | 3 | 3 | 3 | ||||
| (=) Implied Enterprise Value | 7 | 8 | 8 | ||||
| (-) Non-shareholder Claims * | 16 | 16 | 16 | ||||
| (=) Equity Value | 24 | 24 | 25 | ||||
| (/) Shares Outstanding | 118.6 | 118.6 | 118.6 | ||||
| Implied Value Range | 0.20 | 0.20 | 0.21 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.18 | 0.18 | 0.18 | 0.28 | |||
| Upside / (Downside) | -35.8% | -34.7% | -33.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TRX | ARIS | VAND | ASM | CDPR | 53G | |
| Enterprise Value | 99 | 1,460 | 7 | 269 | 97 | 21 | |
| (+) Cash & Short Term Investments | 7 | 253 | 1 | 27 | 11 | 1 | |
| (+) Investments & Other | 0 | 13 | 0 | 1 | 0 | 20 | |
| (-) Debt | (4) | (521) | 0 | (3) | (3) | (5) | |
| (-) Other Liabilities | (13) | (285) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 89 | 921 | 8 | 295 | 105 | 37 | |
| (/) Shares Outstanding | 282.1 | 172.9 | 16.8 | 140.9 | 509.4 | 118.6 | |
| Implied Stock Price | 0.31 | 5.32 | 0.46 | 2.09 | 0.21 | 0.31 | |
| FX Conversion Rate to Trading Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 1.13 | |
| Implied Stock Price (Trading Cur) | 0.44 | 7.37 | 0.63 | 2.90 | 0.29 | 0.28 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | EUR | |
| FX Rate to Reporting Currency | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 1.13 | |