As of Sun Feb 13th 2022 Spot Prices (Lead $1.04, Zinc $1.65, Copper $4.44, Gold $1860, Silver $23.60)
I thought I'd keep it simple and let the math do the talking since there is always so much noise in the markets in general. This is an update the numbers in "Emerita Resources is the Great Bear of the Polymetallic Sector"
Since then the company has grown considerably both in resources and land, having won 10 tenders earning the title of the Third Largest Mineral Holder in the Iberian Pyrite Belt of Spain.
All the detailed data on the deposits, properties is available within several of my other reports on Emerita Resources found on my channel on CEO.CA , as well in the multiple podcast interviews with the CEO David Gower and President Joaquin Marquez. Additional Information is available on YouTube interviews by others and in the coverage by financial analysts at Clarus Securities and Research Capital.
I know what it's worth within the next 2 years. Vet the data. Have your own thesis. This is what I get from the data that's available. Run your own numbers.
Emerita Resources
EMO.V EMOTF
Market Cap: $390 Million USD
Cash: $21 Million USD
Debt: 0
Shares outstanding 195 Million
Share Price $2.00 USD
Price Target: $16 USD (within 2 years of being awarded Aznalcollar Project which the Admin. Court is ruling on now and 250 Million share FD)
Oct 2021
The Administrative Court of Andalucia (the “Administrative Court”) (please see the Company’s press release dated November 25, 2015 for further details) has also notified the Company that it will be making a ruling in the administrative case initiated by Emerita in 2015. This administrative process is separate from the ongoing criminal proceedings (see the Company’s press release dated October 7, 2021) regarding the alleged crimes committed in the awarding of the Anzalcollar tender and this gives Emerita another path forward to obtaining the rights to the Aznalcollar project.
The Company perceives the Administrative Court’s notice as a very positive development as Emerita’s external Spanish legal counsel (“Counsel”) has advised the Company that the Administrative Court has the authority to make a determination to award the Aznalcollar project to Emerita.
https://ceo.ca/@nasdaq/emerita-provides-update-on-developments-in-aznalcollar-d439c
https://ceo.ca/@nasdaq/emerita-provides-update-on-developments-in-aznalcollar-d439c
THE AZNALCOLLAR PROJECT 4 KNOWN DEPOSITS
1) Aznalcollar Mine 43mt historically production drilled resource
0.44% Cu ($42.98) 1.77% Pb ($40.50) 3.33% Zn ($120.88) 67g/t Ag ($50.84) 1g/t Au ($59.81)
Total Insitu Value Per Ton = $315.01 /USD
Deposit As-Is Insitu Value = $13.55 Billion USD
2) Los Frailes Mine 28mt historically production drilled resource (20mt pit constrained + 8mt defined below the pit from historical drilled)
Zn 6.65% ($241.40) Pd 3.87% ($88.55) Cu 0.29% ($28.33) Ag 84 g/t ($61.47)
Total Insitu Value per ton = $419.75 USD
Deposit As-is Insitu Value = $11.75 Billion USD
JUST THESE 2 PRODCUTION DRILLED DEPOSITS
Total Tons 71mt @ $356.33/ton
Total Insitu Value $25.3 Billion USD
3) Caridad Deposit 4.17Mt Historical (Internal Documents obtained from Grupo suggest it’s been expanded to 10mt, copper rich 4% Cueq)
Median size = 7.05mt @ $390.72/ton USD
Deposit Insitu Value = $2.75 Billion USD
4) Doc Jones/Non Name Lens between Los Frailes and Anzalcollad posited to by 5-10mt based on the drill data, historical grade equivalent to Los Frailes
Median Size= 7.5mt @ $419.75/ton USD
Deposit Insitu Value = $3.15 Billion USD
Total Aznalcollar Project comprised of 4 deposits
Total Tons 28mt + 43mt + 7.05mt + 7.5mt = 85.55Mt
Total Insitu Value of the Resources = $31.2 Billion USD
Average Value per Ton $364.70 USD
This is prior to any expansion drilling, as-is today.
THE IBW PROJECT 3 KNOWN DEPOSITS
-5 Drilling turning currently on La Infanta
-3 more drills arriving in next few weeks
-Whole property permitted and with land access agreements in place
-All deposits open
-Over 100 fully funded drill holes planned for Q2-3
(Below is prior to upcoming +100 drill hole across Romanera, La Infanta and El Cura as well as additional discovery targets will has the potential to +3x the tonnage)
1) Romanera Deposit 11.2mt historical resource drilled by Rio Tinto
Cu 0.40% ($39.07) Pd 2.47% ($56.52) Zn 5.5% ($199.65) Ag 64g/t ($48.57) Au 1g/t ($59.81)
Zinc plus lead cut off and not all gold, silver, copper included in resource if zone didn’t meet the historical lead+zinc cut-off grade
Total Insitu Value Per Ton = $403.62 USD
Deposit As-Is Insitu Value = $4.52 Billion USD
2a) La Infanta South Block Deposit 0.8mt historical drilled by Rio Tinto
Cu 1.77% ($172.89) Pd 6.91% ($158.11) Zn 12.66% ($459.56) Ag 148g/t ($112.31) Au not included
Total Insitu Value Per Ton = $902.86 USD
Deposit As-Is Insitu Value = $722.29 Million USD
Drilling had confirmed Current and expanded La Infanta South Block
Currently being drilled and expanded
Deposit Dimensions so far on South Block:
900m x surface to120m x 5m x 4 density
Total Tons = 2.16mt @ $725/ton = Insitu Value $1.57 Billion USD
2b) Discovery of La Infanta North Block Deposit
Currently being drilled and expanded
700m x (begins at 50m to 210m so far) 160m x 5m x 4 density
Total Tons = 2.25mt @ $725/ton = Insitu Value $1.63 Billion USD
Currently being drilled and expanded
Total Tons La Infanta South And North Blocks = 4.41mt
Total Insitu Value = $3.2 Billion USD
TOTAL VALUE OF ROMANERA and LA INFANTA TODAY = $7.72 Billion USD
3) *El Cura Deposit historically drilled by Rio Tinto +2mt, copper rich with La Infanta characteristics (from internal documents by Rio Tinto)
2mt @ La Infanta grades = Insitu Value $1.45 Billion USD*
TOTAL IBW RESOURCES TODAY
17.61MT @ $521/TON
TOTAL INSITU VALUE = $9.17 BILLION USD
Just IBW alone is worth multiples of the current market cap. and after those +100 drill hole much more.
COMPANY WIDE HIGH-GRADE RESOURCES TODAY INCLUDING AZNALCOLLAR PROJECT
7 Deposits
Total Tons: 103.16mt, average grade: $391.34/ton
Total Insitu Value: $40.37 Billion USD
AUEQ = 21.7 MILLION OZS OF GOLD @ 6.54G/T
AGEQ = 1.71 BILLION OZS OF SILVER @ 515.29G/T
AUEQ = 21.7 Million Ozs of Gold @ 6.54g/t
That’s context.
The Data is The Data.
The Math is The Math.
Nothing left to really say...
Best,
Doc Jones
I’m a PRIVATE INVESTOR, enjoying early retirement after a successful and fulfilling career managing investment portfolios with a focus on the resource sector (including oil and gas).
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If the data changes then I do, no emotion about it, let the data guide your investments.
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I am driven by the hunt for value and truth. This is my passion in life. I’m a big research nerd. Always double-check and only trust the numbers that you have vetted.
Commit to memory: “all ozs in the ground are NOT created equal” understanding this basic principle will increase your wealth and your ability to sleep at night...
Best,
Doc Jones
