KIN 11.7% 6.7¢ kin mining nl

The table below is from the preliminary feasibility study. You...

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    The table below is from the preliminary feasibility study. You have to subtract capital costs and discount to allow for future cost increases. The Net Present Value @ $1600 an ounce was 70.7 million - say halve that to get a market cap maybe. The DFS will contain a similar calculation, and will also indicate how the valuation varies with the gold price.

    The PFS included over 100 koz from inferred resources, so some of the drilling since will have been to turn that into indicated. There were a couple of hundred thousand ounces of indicated resource not included in the PFS, and we don't know why - outside the pits maybe, or low grade and not to be processed. The bigger mill and better understanding of processing costs might bring some of that previously excluded ore into the DFS. Who knows?

    As others have pointed out, the DFS is not the whole story. Once KIN is in production there is lot more drilling to do, so for some of us the DFS is just stepping stone to get from explorer to producer explorer. Then it comes down to what future discoveries might be worth.


    Table 6. Economic Evaluation
    ASX Code: KIN
    Column 1 Column 2 Column 3 Column 4
    0 Item LOM Cost $M LOM Cost /t LOM Cost /oz
    1 Mining 137.5 20.32 445
    2 Processing 143.1 21.16 464
    3 General & Administration 34.4 5.09 112
    4 Sustaining Capital 2.8 0.41 9
    5 Refining Charges 0.9 0.14 3
    6 Royalties (State and Project) 15.8 2.31 51
    7 Total 334.5 49.4 1,084
    Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 Column 9 Column 10 Column 11
    0   Unit Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 LOM
    1 Capital Costs $M   0.4 0.4 16.4 1.1 1.1 1.1 1.5 22.1
    2 Pre-Production Capital $M 34.6               34.6
    3 Tonnes Milled (Mt)   0.75 0.75 1.2 1.2 1.2 1.2 0.5 6.8
    4 Head Grade (g/t)   1.92 2.08 1.53 1.51 1.45 1.36 0.94 1.54
    5 Ounces Produced (oz,000)   43 45 52 52 52 50 15 309
    6 Operating Costs $M   44 45.3 53.6 54.4 53.0 52 12.7 315
    7 Revenue $M   69 71.9 83.2 82.5 82.8 80.5 23.8 494
    8 AISC $/oz   1,084 1,074 1,091 1,119 1,082 1,099 922 1,084
    9 Undiscounted Cashflow $M -34.6 22.3 23.6 10.5 24.0 26.1 24.5 9.0 105.4
    10 Discounted Cashflow (8%) $M -34.6 20.6 20.2 8.3 17.7 17.7 15.4 5.3 70.7
    Rounding errors may occur.
 
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