Mining Sector Primer
A guide to mining equity analysis. Covers AISC, NAV valuation, cost curves, royalty & streaming models, and includes gold mine worked examples.
PDF Only
The full primer in PDF format
£25 / ~$32- ✓ 44-page sector primer
- ✓ Worked valuations
- ✓ Screening thresholds
Excel Model
Plug-and-play valuation template
£45 / ~$58- ✓ Pre-built valuation model
- ✓ Sensitivity tables
- ✓ Scenario toggles
PDF + Model
Everything you need in one package
- ✓ 44-page sector primer
- ✓ Valuation model (.xlsx)
- ✓ Save £11 vs buying separately
Three primers, three Excel models
Mining, Royalty & Streaming, and Steel & Bulk. Everything at ~25% off
Inside the primer
The 15-section contents, a worked valuation page, and the Excel dashboard.
Table of Contents
- 01 How Operating Miners Make Money
- 02 Listed Mining Company Types
- 03 The Mining Lifecycle and Resource Ladder
- 04 Commodity Segments and Sub-Markets
- 05 Revenue Drivers: Generic Build
- 06 Cost Structure: AISC and the Cost Curve
- 07 Valuation Frameworks
- 08 Worked Example: Gold Mine DCF
- 09 Worked Example: Portfolio NAV
- 10 Applied Cases: Producing Seniors
- 11 Applied Cases: Skeena and Snowline
- 12 Key Metrics and Screening
- 13 Royalty and Streaming Contrast
- 14 Risks, Benchmarks and Jurisdiction Case Study
- 15 Glossary and Cheat Sheet
44 pages · 15 sections · 2 worked NAVs
The Excel model
Educational material for professional use. This primer and its model are not investment advice or a recommendation to buy or sell any security, and they are not personalised. Worked valuations use illustrative calibrations, not fair-value estimates for any company.
Operating miners earn margin on payable metal. Place a miner in the wrong cost quartile and the multiple you pay is wrong. Volume comes from tonnes, grade, recovery and payability. Revenue runs off the long-term price deck used in NAV, not spot, and cost is AISC for gold or C1 plus sustaining spend for copper. Mines deplete as they produce, so reserve life and replacement sit beside cost-quartile placement. A single peer multiple does not travel across producers, developers and explorers; lifecycle stage decides whether the right tool is portfolio NAV, stage-gated EV/NAV, or EV per resource ounce.
The primer builds those tools one on top of the next: issuer types and the resource ladder, the AISC and cost-curve language, then mine-level DCF rolled into sum-of-parts NAV. Two worked examples walk the method from first input to final number, a single gold mine DCF and a multi-mine portfolio NAV, before applied cases on producing seniors and on developers such as Skeena and Snowline. Screening closes with P/NAV bands, reserve screens, and the royalty and streaming contrast.
Free guides on the site unpack the individual cost, reserve and jurisdiction pieces so you can revise one concept without reopening the full PDF. The companion Excel model spans twelve sheets, from per-mine DCFs through to a screening dashboard, with deck-driven commodity prices, so swapping in a new producer rebuilds the whole NAV from the mine tabs up.
Sheets: Quick Start, Instructions, Assumptions, Mine 1, Mine 2, Mine 3, Consolidated, Reserves & Life, AISC Bridge, Cost Curve, Sensitivity, Dashboard.
See this methodology applied to a real company:
Newmont (NEM) →