Mining
Mining Guides
AISC quartiles, reserve NAV, royalty and streaming deal terms, and steel bulk margins across the mining vertical.
28 free guides · 17 company profiles · 3 primers, each with an Excel model
Guides 11
AISC & Cost Analysis
What Is AISC? All-In Sustaining Cost Explained
WGC definition, cost components, quartile benchmarks by commodity.
Gold Mining AISC Benchmarks
Cost rankings by quartile, region, and producer.
AISC vs Cash Cost: What Miners Include (and Hide)
What separates the two metrics and how companies use cash cost to look cheaper.
How to Calculate AISC from Financial Statements
Line item mapping from 10-K to AISC, with worked examples and common pitfalls.
What Is a Good AISC? How to Judge Mining Costs
Evaluating AISC in context: quartile position, reserve life, by-product credits, and common traps.
AISC for Copper Mines: Cost Metrics and Benchmarks
C1 cash cost, sustaining capital, by-product credit dynamics, and the copper cost curve.
Copper Cost Curve: C1 Cash Costs of the Majors
The net-of-by-product copper C1 curve, why by-product credits reorder it, and C1 versus all-in cost.
AISC for Silver Mines: Primary Producers and By-Product Economics
Why most silver has no standalone AISC, primary producer benchmarks, and streaming cost structures.
Valuation & Structure
How to Value a Gold Mine: NAV & DCF
Reserve-based NAV, discount rates by jurisdiction, sensitivity analysis.
How to Value a Copper Mine: NAV & the Copper Price
Reserve-based NAV, the long-term copper price, the discount rate, and by-products as their own price line.
Mining Discount Rates by Jurisdiction
Tier system from Canada/Australia to DRC/Mali, political risk premiums.
Company research 6
Royalty & Streaming
Portfolio NAV, GEO mechanics and stream margins
9 guides · 5 profiles
Guides 9
Royalty vs Streaming Companies
NSR royalties, metal streams, Franco-Nevada and Wheaton business models.
What Is a GEO? Gold-Equivalent Ounces Explained
The revenue-equivalence formula, fixed vs variable conversion, and why GEO comparisons shift with metal prices.
NSR vs NPI vs GOR Royalties: Which to Model
The royalty-type taxonomy, why NSR is the standard, and the NPI cost-base trap.
Royalty Rate Benchmarks: Typical Rates by Commodity
Typical NSR bands by commodity, the GOR-NSR-NPI hierarchy, and financing versus government royalties.
How Sliding-Scale Royalties Change the Model
Price-linked rates, hybrid structures, and why the contract beats a generic rate.
How to Value a Metal Stream: Margin per Ounce
Delivery pricing, the margin-per-GEO build, and step-down clauses.
The Streaming Tax Trap: Offshore Rates and NAV
Effective tax rates after Pillar Two, and why a miner tax rate understates streamer NAV.
EV/GEO and $/GEO: Judging Royalty Deal Value
Tier ranges, deal vintages from Kurmuk to Antamina, and the accretion test.
Cobre Panama and Royalty Concentration Risk
The full shutdown-to-stockpile arc and the top-3 concentration screen across the peer set.
Company research 5
Steel & Bulk Commodities
The steel spread, cost curves and through-cycle value
8 guides · 6 profiles
Guides 8
Steel Spread and Metal Margin: How EAF Steelmakers Earn
HRC minus scrap as the earnings engine, spot vs planning spreads, and the route-economics gap.
BOF vs EAF Steelmaking: Two Different Businesses
The integrated and electric-arc routes compared: inputs, cost drivers, capital and carbon.
Iron Ore Cost Curve: C1 Cash Costs of the Majors
The big-4 disclosed curve, the C1-to-all-in gap, and the grade discount against the 62% Fe index.
Coking Coal Cost Curve: FOB Costs by Producer
The seaborne met-coal FOB curve, the short-ton vs metric-tonne trap, and cost against the PLV price.
Hard Coking Coal & the PLV Quality Benchmark
What PLV specifies, the quality parameters (CSR, ash) that set the discount, and realisation by product tier.
EV/EBITDA Through the Cycle: Valuing Steelmakers
Why LTM multiples fail at cycle extremes and how to build a normalised EBITDA from the planning spread.
Met Coal vs Thermal Coal: Pricing and Quality Benchmarks
PLV benchmarks, the quality ladder, and gross vs net realisation in met coal margins.
EBITDA per Tonne: Comparing Steel Producers
Producer ladder and the two definition traps: units and shipment basis.
Company research 6
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