Classic value investing metrics plus analytics developed for mining stocks.

Our value metrics are presented in three tabs in the datagrid, with 5-7 metrics each. The Financial Strength and Profitability metrics are derived from financial statement data, and the Price-to-Ore Ratios employ resource and reserve data. The latter are arguably the most important criteria for evaluating an investment in mining stocks.

Our Price-to-Ore Ratios are powerful analytics that compare Enterprise Value to the gross value of a company's resources, where the later is adjusted daily by the market price of a company's minerals. They can enable fair comparisons of companies with different mixes of minerals and types of resource estimates.

A Note on Enterprise Value (EV): We make extensive use of Enterprise Value (market cap + debt - cash). EV takes into account the balance sheet, so it is a much more accurate measure of a company's true market value than market capitalization.

Price-to-Ore Ratios:

• Enterprise Value / Value of Total Resources (all Minerals)

  This is the most powerful and universally applicable Ore Ratio, as it takes into account all minerals in a company's portfolio. It asks, "how expensive is this company, compared to the gross in situ dollar value of all of its officially-estimated minerals?" It takes into account low-stringency mineral estimates, though at a discount. A lower value for EV/Value of Total Resources is better, meaning the stock is cheap relative to its resources. It changes daily with stock price and metals prices, and is useful for comparing companies with the same or different minerals.

• Enterprise Value / Value of Proven and Probable Reserves (all Minerals)

  How expensive is the company, compared to the gross dollar value of all of its officially-estimated minerals? Uses top-stringency mineral estimates. Lower is better. Changes daily with stock price and metals prices. Useful for comparing companies with the same or different minerals.

• Enterprise Value / Value of Measured and Indicated Resources (all Minerals)

  How expensive is the company, compared to the gross dollar value of all of its officially-estimated minerals? Uses medium-stringency mineral estimates. Lower is better. Changes daily with stock price and metals prices. Useful for comparing companies with the same or different minerals.

• Gross Value of M&I Resources / Shareholders' Equity

  Indicates relative value of mineral assets net to shareholders. Higher is better. Changes daily with metals prices. Useful for comparing companies with the same or different minerals.

• Enterprise Value / Measured and Indicated Resources of Mineral 1

  How expensive is the company, compared to the medium-stringency estimate (mass, not dollar value) of its most important mineral? Lower is better. Changes daily with stock price. Useful for comparing companies with the same mineral.

• Enterprise Value / Proven and Probable Reserves of Mineral 1

  How expensive is the company, compared to the top-stringency estimate (mass, not dollar value) of its most important mineral? Lower is better. Changes daily with stock price. Useful for comparing companies with the same mineral.

• Enterprise Value / Total Resources (M&I + Inferred) of Mineral 1

  How expensive is the company, compared to the estimated total (mass, not dollar value) of its most important mineral? Includes low-stringency estimates. Lower is better. Changes daily with stock price. Useful for comparing companies with the same mineral.