Capital Markets and Project Valuation Short Course

November 17, 2023

Description

This course is presented by geologists who have extensive industry experience in addition to capital markets experience. It is a one-day course and will offer an introduction to capital markets to anyone interested in the connection between corporate finance and mining. Attendees will also be given a hands-on introduction to cash flow models and the opportunity to evaluate a project quantitatively using NPV and present their opinion.

 Part one will introduce attendees to the financial side of the exploration and mining industries. This includes an overview of capital markets, sell-side and buy-side, equity research, investment banking, and M&A. We will discuss the various financial firms that link capital with companies, such as brokerages, conventional banks, alternative banks, private equity, advisory firms and exempt market dealers; plus the numerous forms of financings they offer.

 Part two will be focused on project valuation using various valuation methods, with a focus on NPV and cash flow modelling. This will involve group work where each is assigned fictional projects to complete as a valuation exercise. If time permits, we will include valuation of royalties and streaming transactions.

Presenters: 

Dale Mah, VP Corporate Development, Endeavour Silver Corp. Dale Mah is a professional geologist with over 25 years of experience in the mining industry. He has held senior positions in mineral exploration, investment research and project evaluation throughout his career, with particular emphasis in capital markets, M&A, investment banking, equity research, precious and base metals project management and valuation, financial modeling, mine economics, and reserve and resource estimation. Dale's early career between 1996 and 2009 focused on the exploration for and discovery of mineral deposits in Canada for Cominco, BHP Billiton and other companies. He moved into more senior technical and management roles from 2006 to 2010, then worked as a mining analyst with Mackie Research Capital and Dundee Capital Markets for three years, before joining a private equity group, Quintana Resources Capital, as VP Geology in 2014. He holds a BSc Geology (1996) from the University of Alberta and is a member of Engineers & Geoscientists BC, PDAC and AMEBC. 

Joe Mazumdar, Economic Geologist/Analyst at Exploration Insights Joe joined Brent Cook as co-editor and analyst of Exploration Insights in late 2015 and transitioned into being the sole editor. At the end of 2022, we published the 700th issue of the weekly newsletter since Brent Cook initiated it in April 2008, about half of those issues have been published since I took over in 2016. Previously, he had spent six years as a Senior Mining Analyst at Haywood Securities and Canaccord Genuity in Vancouver, six years as Director of Strategic Planning, Corporate Development at Newmont Mining (Denver), and over two years as a Senior Market Analyst/Commodity Trader at Phelps Dodge (now Freeport McMoRan, Phoenix). Before becoming a mining market analyst, he worked for over a decade as an exploration geologist in different capacities for IAMGOLD, North Minerals, and RTZ in South America (Argentina, Chile, Peru, and Ecuador), MIM Exploration in Queensland, Australia, and Noranda and others in Western Canada (British Columbia, Yukon) and the Northwest Territories. He holds a BSc in Geology (1988) from the University of Alberta, an MSc in Geology and Mining (1997) from James Cook University (Queensland), and an MSc in Mineral Economics (2003) from the Colorado School of Mines. 

Nikki Adshead-Bell, Director, Cupel Advisory Dr Nikki (Nicole) Adshead-Bell is a geologist with a deep understanding of the mining industry from over 27 years bridging the gap between technical, corporate, institutional investor and investment banking segments of the business within an ESG framework. Her career includes managing the research team at a resource fund; running a mining company with a gold mine in NE Brazil; co-establishing a successful M&A franchise with a leading Canadian independent investment dealer, with ~20 public transactions including streaming, mergers, acquisitions and divestures and raising ~C$1.8Bn in equity and debt financings. She also has over 20 years cumulative mining company board experience on Canadian, UK, Australian and US listed companies. More recently she established Cupel Advisory Corp to focus on investments and advisory services in the mining sector. Nikki’s diverse background provides insight into the common traits of variably successful companies of all sizes. Her extensive on-site due diligence, assessing the technical, financial, political, fiscal and ESG risks on more than 250 precious and base metals projects across six continents has resulted in a firsthand appreciation of the spectrum of positive attributes and red flags. Nikki has a global network of institutional investors, corporate management teams/boards, technical specialists and sell-side analysts/bankers. 

Michael Gray, Partner, Agentis Capital Mining Partners Michael has over 30 years of experience in the metals and mining industry, including nearly 15 years as one of the top mining research analysts in the industry. He has established a proven track record in identifying companies with potential Tier 1 assets at early stages, allowing these companies to successfully engage the capital markets while on the cusp of significant potential growth. Most recently, Michael was the Head of Canadian Mining Equity Research at Macquarie, where he covered some of the industries’ top stories, including Wheaton Precious Metals, SSR Mining, Richmont Mines, MAG Silver, Gold Standard Ventures and GT Gold. Additionally, Michael was the Co-Founder of Rubicon Minerals and has worked as a Geologist for Lac Minerals, Falconbridge, Minnova and Cominco. Prior to Agentis, Michael worked for Macquarie Capital Markets Canada Ltd., Genuity Capital Markets and PI Financial. He holds a Master of Science in Economic Geology from Laurentian University, and a Bachelor of Science in Geology from the University of British Columbia.

Time

8:00am - 5:00pm

Location

MacBride Museum