Professional Net Asset Value (NAV) reports for gold, silver, and copper producers — institutional methodology at a price retail investors can actually afford.
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Browse our library of gold, silver, and copper producer valuations, or submit a custom company request.
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Use the NAV model, P/NAV ratio, and sensitivity tables to evaluate mining stocks the way professionals do.
Focused where retail investors need depth most — precious metals and base metals driving the energy transition.
Each report is a complete, standalone institutional NAV model. Built from company filings, NI 43-101 technical reports, and current market data.
Four-asset NAV model: Segovia (operating), Marmato (CIP expansion), Soto Norte (PFS), and Toroparu (PEA). Path to 1Moz/yr.
Three Tier-One assets on a single page: Kamoa-Kakula (Cu), Kipushi (Zn), and Platreef (4E PGM). A world-class multi-asset model.
Three-asset Nevada/Idaho gold model. DeLamar FS (Dec 2025) shows 46% IRR at $3,000 Au. Deep discount to NAV opportunity.
Courageous Lake spinout from Seabridge Gold. 2024 PFS: NPV5% $523M, IRR 20.6%. 10% Au stream to Seabridge modelled explicitly.
Gold, copper, zinc, and PGM. The complete Harcourt Valuations coverage universe at launch — plus any new reports added in the next 90 days.
Need a different company? Submit a custom report request — turnaround 3–5 business days.
Custom reports from $45 depending on complexity.
Built using the same institutional methodology used by mining-focused fund managers and sell-side analysts at major Canadian banks.
Life-of-mine discounted cash flow for each asset. Cash cost (not AISC) in the opex row — no double-counting.
NAV per share across a matrix of metal prices and discount rates. See the upside and downside clearly.
Current market price vs. our NAV estimate — the primary metric mining analysts use to screen for value.
Each mine or project modelled separately. Production, cost, reserve quality, and capex all explicit.
Can this company self-fund its development pipeline? We model the funding bridge so you don't have to.
Geopolitical, permitting, and operational risks scored — alongside the upcoming events that could reprice the stock.
Every Harcourt Valuations report is built from primary sources: company NI 43-101 technical reports, quarterly MD&As, feasibility and PEA studies, and guidance releases. We don't rely on third-party data aggregators.
We model each asset separately using a standard discounted cash flow framework — the same approach used by mining-focused banks and royalty companies. Cash cost (not AISC) goes in the operating cost row. Sustaining capital expenditure is modelled separately. Royalties and streaming agreements are modelled explicitly.
All resource and reserve figures sourced from NI 43-101 compliant technical reports filed on SEDAR+.
US-listed companies cross-referenced against SEC disclosure standards for mineral resource classification.
Mid-year discounting convention. Discount rates 8–12% by asset stage. Sensitivities across metal price scenarios.
Price-to-NAV is the core mining valuation multiple. We show both 1× NAV (intrinsic) and current market P/NAV.