Value Microcaps Junior Miners

[dr_airtime]

AUE.TO

You'll have to fight through exhibit below as Ihub won't process my spacing.

MNG now owns 55% wih 662M shares (includes note into shares at transaction close) or 1204M shares outstanding. At $CAD 0.06 share price that is ~USD 60M MC.

I note the following in USD:

Cash from MNG (30.0M) today's PR
Current Assets (18.5M) March 30 FS
Current Liab. +43.8M March 30 FS. Inludes current borrowings/lease
Increase in AP + 7.1M Today's PR vs. AP on March 30 BS
LT Borrowings +85.4M March 30 FS
LT Lease + 7.6M March 30 FS
Net Debt +95.4M
MC +60.0M
EV $USD 155.4M

NPV5% Post Tax @ $1300 long term gold: $USD 328M

Reasonable valuation if they get things turned around in light of MND majority interest: 0.7X NPV or $USD 230M.

Upside to equity: $230M-$155M = $USD 85M or $CAD 107M/1204M shares = + $CAD 0.09 to share price to $CAD 0.15 or 150% upside.

Lots of Ifs there and conditional on getting things turned around real fast.

NPV5% is section 1-10 near start and the $1300 is on page 258

http://aureus-mining.com/wp-content/uploads/2015/03/NLGM_43-101_March_2015_Final_Report.pdf