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Category: Junior: Late Stage Development
Rating & Risk: Login to view
Gold Canyon Resources Inc.
www: www.goldcanyon.ca     email: info@goldcanyon.ca

Profile
Notes
Wiki

Price Data

Symbol Date Price Change 52 Wk Range Volume
CVE:GCU 10/31/2014 CAD 0.16 -0.02 0.47 - 0.12 119,889
OTCMKTS:GDCRF 10/31/2014 USD 0.1310 -0.0090 0.4100 - 0.1300 7,352
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Summary (from last analysis - 11/18/2013)

Gold Canyon is highly undervalued and has a large open pit project (Springpole) in Ontario, Canada. A recent 43-101 reported 5 million oz at 1 gpt (4.4 M&I). A PEA was released in 2013 for production of 215,000 oz for 10 years. Plus, 1.2 million oz of annual silver production. Recovery rates for both should be around 80%. The PEA calls for cash costs at $650 per oz, and $860 per oz all-in. I’m projecting all-in costs at $1100 per oz to be conservative. If they can stay under $1000, this will be a highly profitable mine.

Springpole is an 80,000 acre property and I expect the resource size to increase. Thus, long term production could reach 250,000 oz. There are a few red flags for this stock. The first is timeline risk, because production is 4-5 years away. The second red flag is the size of the mine. A large pit will cost a lot of money to build (capex of $438 million) and take some expertise. I wouldn’t be surprised if Gold Canyon either options the property or accepts a merger deal with a larger company. I do not particularly like investments with this much timeline risk, because more often than not the company will not build the mine and operate it. For this reason, I consider these high risk investments .

Long term it is hard to say what the valuation of Gold Canyon will end up being, because we do not know who will build the mine. But if Gold Canyon builds the mine without a partner, the upside potential is big, likely at least a 10 bagger long term from this valuation: $47 million FD market cap.

General Details

Financial 11/18/2013
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $47.25M $21.87M 11/18/2013 $-25.38M
Total Assets: $73.46M $67.76M 05/31/2014 $-5.70M
Total Liabilities: $7.14M $6.09M 05/31/2014 $-1.05M
Current Assets: $9.32M $2.46M 05/31/2014 $-6.86M
Current Liabilities: $1.34M $0.26M 05/31/2014 $-1.08M
Total Debt: $0.00M $0.00M 05/31/2014 $0.00M
Cash: $7.00M $2.72M 05/31/2014 $-4.28M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Finance within 1 year: 11/18/2013 n/a
Misc 11/18/2013
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $0.297 $0.138 15:10 on 10/31/2014 $-0.16
Shares Outstanding: 138,000,000 148,550,000 05/31/2014 10,550,000
Shares Fully Diluted: 159,000,000 159,000,000 11/18/2013 0
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2017 11/18/2013 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
11/18/2013 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
11/18/2013 0
Initial CapEx (Outstanding): $438.00M
926.92% of Mkt.Cap
$438.00M
2002.41% of Mkt.Cap
11/18/2013 $0.00M
Funding Option: n/a n/a 11/18/2013 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 11/18/2013 0.00%

Resource Data

GOLD 11/18/2013
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 11/18/2013 0.00M
Measured & Indicated: 3.50M 3.50M 11/18/2013 0.00M
Inferred: 0.50M 0.50M 11/18/2013 0.00M
Reserves & Resources: 4.00M 4.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 11/18/2013 0.00M
Measured & Indicated: 2.24M 2.24M 11/18/2013 0.00M
Inferred: 0.20M 0.20M 11/18/2013 0.00M
Reserves & Resources: 2.44M 2.44M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 11/18/2013 $0.00
Extra Operating Cost: n/a n/a 11/18/2013 $0.00
Average Grade: 1.20 g/t 1.20 g/t 11/18/2013 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 03/24/2014 0.00%
F
U
T
U
R
E
Proven & Probable: 3.50M 3.50M 11/18/2013 0.00M
Annual Production: 215,000oz. 215,000oz. 11/18/2013 0oz.
Cash Cost: $700 $700 11/18/2013 $0
Extra Operating Cost: $400 $400 11/18/2013 $0
SILVER 11/18/2013
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 11/18/2013 0.00M
Measured & Indicated: 20.00M 20.00M 11/18/2013 0.00M
Inferred: 1.00M 1.00M 11/18/2013 0.00M
Reserves & Resources: 21.00M 21.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 11/18/2013 0.00M
Measured & Indicated: 13.60M 13.60M 11/18/2013 0.00M
Inferred: 0.43M 0.43M 11/18/2013 0.00M
Reserves & Resources: 14.03M 14.03M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 11/18/2013 $0.00
Extra Operating Cost: n/a n/a 11/18/2013 $0.00
Average Grade: 6.00 g/t 6.00 g/t 11/18/2013 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 03/24/2014 0.00%
F
U
T
U
R
E
Proven & Probable: 20.00M 20.00M 11/18/2013 0.00M
Annual Production: 1,200,000oz. 1,200,000oz. 11/18/2013 0oz.
Cash Cost: $13 $13 11/18/2013 $0
Extra Operating Cost: $7 $7 11/18/2013 $0

Property

Last Analysis Data  (11/18/2013)
Stage Location Name Owned Size (Ha) Type Gold Silver Notes
Development Ontario, Canada Springpole 100% 30,000 Open Pit show
5 million oz gold deposit (1 gpt)
25 million oz silver deposit (4 gpt)

PEA in 2013 for 215,000 oz gold, plus 1.2 million oz silver.

Capex $438 million.

Gold Equivalent cash-costs at $650.

IRR of 25% pretax at $1300 gold.
Exploration Favourable Lake, On, Canada Favourable Lake 40% n/a n/a n/a
Exploration Birch Lake, On, Canada Horseshoe Island 100% n/a n/a n/a
Exploration Cordero, Nv, USA Cordero 100% n/a n/a n/a
Exploration Missouri, USA Kratz Spring 100% n/a n/a n/a
Total Land Package Size (ha): 30,000  
Current Data
Stage Location Name Owned Size (Ha) Type Gold Silver Notes
Development Ontario, Canada Springpole 100% 30,000 Open Pit show
5 million oz gold deposit (1 gpt)
25 million oz silver deposit (4 gpt)

PEA in 2013 for 215,000 oz gold, plus 1.2 million oz silver.

Capex $438 million.

Gold Equivalent cash-costs at $650.

IRR of 25% pretax at $1300 gold.
Exploration Favourable Lake, On, Canada Favourable Lake 40% n/a n/a n/a
Exploration Birch Lake, On, Canada Horseshoe Island 100% n/a n/a n/a
Exploration Cordero, Nv, USA Cordero 100% n/a n/a n/a
Exploration Missouri, USA Kratz Spring 100% n/a n/a n/a
Total Land Package Size (ha): 30,000  

Profitability (by resource)

Proven &
Probable
11/18/2013
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD Mkt. Cap / Gold Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Silver Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
n/a n/a n/a 0.00%
Measured &
Indicated
11/18/2013
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 0.85% 92.70% n/a 91.85%
Percentage Silver: 99.15% 7.30% n/a -91.85%
Total (Gold Eq. Oz.): 411.10M 3.78M n/a -407.32M
Total (Silver Eq. Oz.): 20.17M 273.87M n/a 253.69M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 279.41M 2.43M n/a -276.98M
Silver Eq. Oz.: 13.71M 176.07M n/a 162.36M
Maximum Profit (Gold): $-1,723.23M $114.24M n/a $1,837.48M
Maximum Profit (Silver): $3.62M $-36.46M n/a $-40.08M
Total Maximum Profit: $-1,719.61M $77.78M n/a $1,797.40M
Max Profit / Current MCap: n/a 3.556 n/a 39.947
Max Profit Per Share (Gold): $-10.84 $0.72 n/a $11.56
Max Profit Per Share (Silver): $0.02 $-0.23 n/a $-0.25
Total Max Profit Per Share: $-10.82 $0.49 n/a $11.30
Total Free Profit Per Share: $0.00 $0.33 n/a $0.33
FD Mkt. Cap / Gold Eq.: $0.17 $9.01 n/a $8.84
FD Mkt. Cap / Silver Eq.: $3.45 $0.12 n/a $-3.32
FD Mkt. Cap / Per Metal
as % Spot Price:
16.91% 0.77% n/a -16.14%

Reserves &
Resources
11/18/2013
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 0.93% 93.25% n/a 92.32%
Percentage Silver: 99.07% 6.75% n/a -92.32%
Total (Gold Eq. Oz.): 431.98M 4.29M n/a -427.69M
Total (Silver Eq. Oz.): 21.20M 311.13M n/a 289.94M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 288.27M 2.63M n/a -285.64M
Silver Eq. Oz.: 14.14M 191.01M n/a 176.86M
Maximum Profit (Gold): $-1,877.09M $124.44M n/a $2,001.54M
Maximum Profit (Silver): $3.73M $-37.60M n/a $-41.33M
Total Maximum Profit: $-1,873.36M $86.84M n/a $1,960.21M
Max Profit / Current MCap: n/a 3.970 n/a 43.615
Max Profit Per Share (Gold): $-11.81 $0.78 n/a $12.59
Max Profit Per Share (Silver): $0.02 $-0.24 n/a $-0.26
Total Max Profit Per Share: $-11.78 $0.55 n/a $12.33
Total Free Profit Per Share: $0.00 $0.39 n/a $0.39
FD Mkt. Cap / Gold Eq.: $0.16 $8.31 n/a $8.14
FD Mkt. Cap / Silver Eq.: $3.34 $0.11 n/a $-3.23
FD Mkt. Cap / Per Metal
as % Spot Price:
16.39% 0.71% n/a -15.68%

Future Valuation (Cash Flow & Totals)

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