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Mineral Property Valuation's Relationship to Mineral Resource

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Mineral Property Valuation's Relationship to Mineral Resource Mineral Property Valuation’s Relationship to Mineral Resource and Reserve Estimates Trevor R. Ellis, RM-SME, CPG, CMA, FAusIMM Chairman, Valuation Standards Committee, Society for Mining, Metallurgy, and Exploration (SME) Mineral Property Valuer Ellis International Services, Inc. Denver, Colorado, USA www.MineValuation.com National Mining Agency’s Mineral Resources and Reserves Week Bogotá, Colombia, 28-30 November 2018 1 Disclaimer Opinions expressed are those of Trevor Ellis. They might not represent the opinions of the SME Valuation Standards Committee. 2 Purpose of this Presentation • Show the status and relationship of current mineral property valuation standards globally. • Mention some of the uses of mineral property valuations and explain the common types of value requested for those. • Outline the key principles and requirements for the conduct of a mineral property valuation assignment. • Contrast the valuation process to a prefeasibility study economic evaluation net present value estimation. • Explain how CRIRSCO-based reports of exploration results, mineral resources, and mineral reserves should be used in developing market valuations of mineral properties. 3 Current Mineral Property Valuation Standards • In May 2018, the International Mineral Valuation Committee (IMVAL) published the 18-page IMVAL Template, Third Edition, of mineral property valuation standards and guidelines.* • IMVAL consists of representatives from SME (USA), IIMA (USA), VALMIN (Australasia), CIMVal (Canada), and SAMVAL (South Africa). • IMVAL was formed 2012 *https://mrmr.cim.org/media/1021/imval-template.pdf 4 Current Mineral Property Valuation Standards • IMVAL developed the Template as a harmonisation target for convergence of the existing national mineral property valuation standards (VALMIN, SAMVAL, and CIMVal). – So that those standards will operate similar to the Template and therefore each other, resulting is similar report content and quantitative value opinion. • Also developed for adoption by other national mining and petroleum institutes as a framework for their valuation standards, such as SME has done. 5 Current Mineral Property Valuation Standards • The IMVAL Template essentially provides guidance for application of the principles and definitions of the Real Property portion of the International Valuation Standards (IVSs) of the International Valuation Standards Council (IVSC)* to the valuation of mineral property. – The Template is designed to provide adequate guidance so that the user will likely not need to reference the IVSs. But, it is not designed to provide valuation education. *2017 Edition, 120 pages, ivsc.org 6 Uses of Mineral Property Valuations • Litigation, including pertaining to expropriation and government condemnation and regulatory takings. • Taxation • Sale, acquisition, merger decisions • Corporate and government planning • Investment evaluation • Stock exchange and other regulatory reporting – Mainly ASX, Hong Kong, TSX-V 7 Common Types of Value Requested • Market Value (most sought and most difficult) – “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.” – Primary focus of standards and this paper • Fair Value (often sought, mainly for financial reporting) – “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” • Investment Value (Occasionally) – “is the value of an asset to a particular owner or prospective owner for individual investment or operational objectives.” 8 Standards Principles • Competence • Materiality • Transparency • Objectivity (IVSs, SME require) – Data supported. Minimise subjectivity (e.g., personal bias) • Independence (Assignment dependent) • Reasonableness (VALMIN, SAMVAL, CIMVal require) 9 Standards Principles • Mineral Property Valuation Principles – Same for mineral property (exploration tract; operating mine; mine reclamation property) as for conventional real estate (buildings; land surface). – The Generally Accepted Valuation Principles (GAVP) of the valuation professions globally, as in the IVSs. 10 Standards Principles • Highest and Best Use – “The highest and best use of a property, determined sequentially, is that stage of use which is • (1) legally permissible, • (2) physically possible, • (3) financially feasible on the Valuation Date, • and which (4) maximises the potential of the Mineral Property.” – “The highest and best use for a Mineral Property, being the use that a market participant would have in mind for the property when formulating the maximum price it would be willing to offer, may be the same as its current use, a modification of that use, or a different use.” (IMVAL). – Required for all Market Valuations by IVSs, SME, IIMA. 11 Standards Principles • Three Approaches for Valuation – Market Approach • Adjustment of property transactions to the Subject property – Income Approach • E.g., net present value method – Cost Approach • Based on the value of the components or expenditures made, at the Valuation Date. • All three Approaches should be considered and at least two applied, unless justified in the report. (Best practice). • Various Valuation Methods are available within each Approach • Reconciliation – The Valuer must reconcile the value estimates derived from each method for determining his/her value opinion for the Subject property. 12 Standards Principles • “When the Basis of Value to be determined is Market Value, the Valuer should attempt to ensure that Inputs to all Valuation Methods applied are derived from the relevant market place, including the expectations and perceptions of the applicable market participants.” (IMVAL). – This includes the Inputs to net present value estimates!! • E.g., influences of a buyer’s or seller’s market – discount rate. • Likely buyer’s mine development plan versus seller’s. 13 Standards Principles • Scope of Work – Describe the scope of research conducted. – Specify any limitations agreed to with the client • E.g., Client requested Valuer to use only the Income Approach, due to limited funds. 14 Valuation versus Evaluation NPV • Evaluation: – “A broad physical, technical, legal, economic, and other assessment of a Mineral Property that is generally sought for an investment decision.” (IMVAL). – An economic evaluation NPV is usually developed on an after-income tax basis, using the operator’s or investor’s investment parameters and perspectives. – Used for economic viability determination in Mineral Resource and Reserve estimation. 15 Valuation versus Evaluation NPV • Example Evaluation NPV: – Las Cristinas gold deposit, Venezuela – NI 43-101 Report, 2007 – P&P Reserves gold 16.9 million oz. 16 Valuation versus Evaluation NPV • Market Valuation of Las Cristinas – The NI 43-101 report of 7 November 2007, was an important beginning input for determining the property would likely have sold for at the Effective Date of 3 February 2011 (expropriation date), without the prevailing threat of expropriation. – I applied a Hypothetical Assumption that no government takings actions for this property had begun and the Venezuela country risk had not deteriorated since 2006. – I also relied on many other technical documents and the Contract of Work. – I updated the Resource and Reserve estimates to 3 February 2011, adjusted to many mining scenarios, for court determination. 17 Income Approach for Market Value Estimation • For real property valuation, such as for mineral property, the convention for Valuer’s is to usually apply before-income tax cash flow modeling. – We usually do not know the income tax liability profile of a potential buyer. – Income taxes are levied on the operator and owner, not the property. • For business valuation, the convention for Valuer’s is to usually apply after-income tax cash flow modeling. 18 Market Discount Rate Derivation • Extraction of discount rates from mineral property transactions of properties with similar characteristics to the Subject property is one method for deriving a market-based discount rate. • The annual cash flow models for the transacted property and the Subject must be structured the same. 19 Las Brisas, Venezuela Transaction Analysis Photo 1: Subject, February 2006 Valuation Date Las Brisas, Km 88 district, Venezuela Gold property with 10m oz P&P gold reserve Awaiting environmental permit for mine development Photos 2: Transaction, January 2006 Choco 10, Venezuela: Operating open pit gold mine with 1.22m oz gold reserves Acquisition of 95% interest for $353 million Gold price $544.4/oz; 93% Au recovery Cash operating cost including royalty $185/oz production Constant $, before income tax cash flow analysis 20 21 22 23 24 Brookfield Quarry, Connecticut Transaction Analysis Photo 3: Subject, July 2004 Valuation Date Brookfield, Connecticut Granitic gneiss and dolomite quarry Photo 4: Transaction, May 2006 New Milford, Connecticut Dolomite quarry Acquisition price $37 million: $32 million for real property $5 million for P&E, contracts, and goodwill. 25 26 27 28 Market NPV Calculation, Las Brisas, Venezuela 29 Market Discount Rate Derivation • Adjustments of the Internal Rate of Return (IRR) may be needed for risk, project scale, and other difference to the Subject Property • Recommendation: The same Valuer should build and operate the cash flow
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