American Bullion Royalty, currently trading as Golden Predator (T.GPD), clearly has the best long range fundamentals of all the junior gold royalty plays!
GPD owns a portfolio of 34 high quality royalties, nearly all of which are located in the United States with the bulk of the royalties gross, payable in-kind, and with no buy back provisions. Operators are also of the highest quality, including Barrick and Midway.
CORP PRESENTATION - ROYALTIES
CORP PRESENTATION - EXPLORATION & DEVELOPMENT
Better Than Gold Royalty Corp (GRO)
EV $22m
GRO's two largest royalties - 0.5% NSR on Metanor's Bachelor Lake and a 1% GSR on Victoria's Eagle. The Bachelor Lake NSR was originally 1%, half was recently bought back demonstrating the importance of having no buy-back provisions in place. My feeling is that GRO is being very optimistic if they expect VIT to be mining gold by 2015. VIT will be lucky if Yukon Energy creates the capacity to support Eagle by 2016. If this company intends to hang it's hat on those two royalties, Good Luck! In any event, I rather generously reflected GRO's 2015 production expectations on the charts that follow.
GPD's flagship royalties include a 1% GSR on Barrick's Bald Mountain, 4% GPR on Barricks Duke-Trapper-Royale, as well as a 4% GPR on Midway's Pan and Gold Rock properties, respectively. All of which are located in Nevada, with access to infrastructure, a skilled labor-force and well advanced towards production.
Better Than Premier Royalty Inc. (NSR)
EV $100m
Over 60% of NSR's royalties are paid in rapidly inflating Argentine Pesos/South African Rands! Venezuela just devalued their currency by over a third and Argentina/SA are in no better of a position. This currency exposure will prove to be a real drag on NSR's balance sheet as GPD's continues to improve, thanks to the in-kind royalties paid on their high quality North American properties. The charts that follow also clearly show NSR with the richest valuation of the three newcomers, further limiting upside.
GPD is set up to provide exceptionally low risk exposure to gold with the most upside. It's not even close!!!
I am assuming that GPD's entire EV of $63m is being attributed to the top 4 royalties with no value given to the GPD's high quality exploration or development assets - which features near-term producer Brewery Creek (2H'14) and including the largest land position in the Yukon. I also give no value to the pipeline royalties.
*****VALUE ALERT!!! GPD's exploration and development assets will be spun off to shareholders at the re-org, FREE! So get in before the re-org!*****
MOST AGGRESSIVE GROWTH PROFILE
BEST VALUE PROPOSITION
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