Mining Stock Calculators & Investor Tools

Who these tools are for

Junior mining is one of the few corners of public markets where a careful retail investor can still do the work and find the mispricing. Sell-side coverage is thin or non-existent below the C$200 million market-cap line. Most investor presentations quote NAV at spot price with no risk weighting and no stage haircut. These tools are the antidote.

If you are:

• A self-directed investor reading a 43-101 and trying to back into the broker's NAV number
• A swing trader trying to size a position on a development-stage gold or copper junior
• A long-term holder running scenarios at $2,400, $3,000, and $3,600 gold
• A newsletter subscriber who wants to verify the numbers before paying for a thesis

— these calculators give you the same risk-adjustment framework used by mid-tier investment banks, with every assumption stated on the page.

Gold investors

The Gold Stock Calculator is the fastest way to answer the only question that matters on a junior gold play: what is one share of this thing actually worth today? Drop in the resource estimate from the latest 43-101, the recovery from the metallurgical section, mining and processing costs from the operating-cost table, and capex from the capital-cost summary. Run the price column at $2,400, $2,800, $3,200, and $3,600 gold to see how the NAV moves with the gold price — and where today's market cap sits as a fraction of risk-adjusted NAV.

Use it when: a junior puts out a PEA at "spot gold" and the share price moves 30% on the headline. Re-run the math with the confidence weights and a stage haircut and decide whether the move is justified before you chase it.

Copper investors

Copper juniors are valued differently from gold. Recovery, treatment-and-refining charges, and grade have a non-linear effect on per-tonne revenue. The Copper Stock Calculator handles all three explicitly, in $/lb units, so a 0.4% Cu sediment-hosted deposit and a 0.8% Cu porphyry can be compared apples-to-apples on a per-share-NAV basis. Run multiple copper price decks — $4.00, $4.50, $5.00, $5.50 — to see how the deposit responds to the cycle.

Use it when: evaluating a porphyry developer in Chile, Peru, Ecuador, or BC, or a sediment-hosted copper play in the Central African Copperbelt. Most investor decks quote a single in-situ value at one price; this gives you the matrix.

Silver investors

Silver moves more violently than gold and the sector has a long memory of 2011-style price spikes. The Silver Stock Calculator lets you stress-test a silver-dominant deposit at $25, $35, $45, and $60 silver — so you can see at what price the market cap is justified by NAV alone, and at what price the stock is pricing in a multi-year bull run. Defaults assume an 80% recovery typical for epithermal vein systems; adjust if your target is a Manto-type or VMS deposit with different metallurgy.

Use it when: the silver price runs and primary silver developers move 50%+ in a quarter. Calculator tells you whether the move is mathematical or speculative.

Polymetallic investors

Most large copper porphyries are gold-bearing. Most epithermal silver veins carry meaningful gold credits. Trying to value these deposits with a single-commodity calculator understates the economics by 20-40%. The Polymetallic Calculator combines per-tonne gold, copper, and silver revenue into a single integrated DCF, with independent grade, recovery, and price inputs for each commodity.

Use it when: evaluating a Au-Cu porphyry, a high-sulphidation epithermal Au-Ag-Cu system, or any VMS / SEDEX deposit where two or three metals contribute materially to the revenue line.

What is a risk-adjusted NAV per share?

Net Asset Value (NAV) per share is the discounted in-situ value of a mining company's resource, divided by fully diluted shares outstanding. The risk-adjusted version applies confidence weights to each resource category (inferred / indicated / measured / probable / proven) and a haircut for the stage of the technical study (PEA, PFS, FS). It tells you what the deposit is worth today on a per-share basis at the assumed commodity price. Junior mining stocks typically trade between 0.2× and 1.0× P/NAV depending on stage, jurisdiction, and management quality.

Where do I find the inputs?

Every input maps to a line in the company's NI 43-101 Technical Report (filed on SEDAR+ for Canadian issuers, EDGAR for US-listed). Tonnage and grade are in the Mineral Resource / Reserve estimate. Recovery, mining cost, and processing cost are in the metallurgical and operating-cost sections. Capex is in the capital-cost summary. Share count and cash are on the most recent MD&A.

Why are the tools split by commodity?

Each commodity has its own grade unit (g/t for gold and silver, % for copper) and price unit ($/oz vs $/lb), and typical recovery profiles differ. Splitting the tools eliminates unit-conversion errors and lets each ship with a sensible recovery default. The polymetallic calculator handles deposits where multiple commodities contribute meaningful revenue.

What do the resource-category weights mean?

NI 43-101 classifies resources by geological confidence: Inferred (lowest), Indicated, Measured (highest), with Probable / Proven for the economically mineable Reserve subset. Calculators apply: Inferred 20%, Indicated 50%, Measured 75%, Probable 85%, Proven 100%. An Inferred-only resource is treated as if only one-fifth of the contained metal is sufficiently de-risked to value.

What about taxes, royalties, and sustaining capex?

The V1 calculators intentionally exclude corporate tax, sustaining capex, inflation, and royalties — a deliberately simplified model for screening and sanity-checking. A full investment-grade NAV from a qualified person will typically come in 15-30% lower for a development-stage junior. Use these tools to ask better questions, not to make final decisions.