Verdivurdering Nordic Quartz

29.12.2014 17:25

Last updated: 29.06.2016

KVINNHERAD QUARTZ	Low	Base case - 35%	Medium low	Base case - 15%	Base case	Base case + 15%	Medium high	Base case + 35%	High	Unit
Resource estimate Quartz (~ 99.998 % SiO2)	1,50	1,95	2,25	2,55	3,0	3,45	3,75	4,05	4,50	mill. tonnes
Yearly production (~ 99.998 % SiO2)	3750	4125	4375	4625	5000	5375	5625	5875	6250	tonnes
Recovery grade	19 %	21 %	22 %	23 %	25 %	27 %	28 %	29 %	31 %
Estimated mine life	75	97,5	112,5	127,5	150	172,5	187,5	202,5	225	years

Market value ~ 99.998 % SiO2	7500	9750	11250	12750	15000	17250	18750	20250	22500	USD/ton
OPEX	1650	2145	2475	2805	3300	3795	4125	4455	4950	USD/ton
Exchange rate USD/NOK	6,44	7,08	7,51	7,94	8,58	9,22	9,65	10,08	10,73

Yearly profit	141	222	288	365	502	667	794	936	1176	MNOK
Total profit	11	22	32	47	75	115	149	189	265	MRD NOK

Base investment	185	241	278	315	370	426	463	500	555	MNOK
Payback cost	135 %	149 %	158 %	167 %	180 %	194 %	203 %	212 %	225 %
Total investment cost	250	357	437	524	666	823	937	1056	1249	MNOK
NPV	10,3	21,3	32,0	46,0	74,6	114,2	148,0	188,4	263,4	MRD NOK

Number of shares	517,2	517,2	517,2	517,2	517,2	517,2	517,2	517,2	517,2	shares
Share value	20	41	62	89	144	221	286	364	509	NOK/share
Share value P/E = 20	5,5	8,6	11,1	14,1	19,4	25,8	30,7	36,2	45,5	NOK/share
Share value P/E = 15	4,1	6,4	8,4	10,6	14,6	19,3	23,0	27,1	34,1	NOK/share
Share value P/E = 10	2,7	4,3	5,6	7,1	9,7	12,9	15,4	18,1	22,7	NOK/share

Sist oppdatert: 20.09.2015

"Demand for HPQ is growing with the high tech industry and the price for premium HPQ can vary between US$ 8,000 to US$ 25,000 or more per ton depending on the specifications needed for the final application."

Sist oppdatert: 20.09.2015

	Lav	Snitt	Høy	Enhet
Forekomst Quartz (~ 99.998 % SiO2)	2	3	4	mill tonn
Produksjonstid	50	60	70	år
Årlig quartz-produksjon(~ 99.998 % SiO2)	4000	5000	6000	tonn
Salgsverdi ~ 99.998 % SiO2)	8000	16500	25000	USD/tonn
Break even	3300	3300	3300	USD/tonn
Profitt pr tonn ~ 99.998 % SiO2	4700	13200	21700	USD/tonn
29.12.2014: 1 USD = 7,4 NOK	6,72	7,47	8,22	NOK/USD
Profitt pr tonn ~ 99.998 % SiO2	31598	98604	178309	NOK/tonn
Årlig profitt	126	493	1070	mill. kr
Total profitt	6,3	29,6	74,9	mrd. kr
Minus investeringskostnader	0,34	0,37	0,41	mrd. kr
Total profitt etter investeringer	6,0	29,2	74,5	mrd. kr
Antall aksjer pr. 29.12.2014	308,5	308,5	308,5	mill. aksjer
Bidrag aksjeverdi	19,4	94,7	241,4	kr/aksje

Scoping Study

"Analysis show the quartz from the Kvinnherad deposit is of very high purity. Advanced processing tests show that the impurity level can be reduced by physical and chemical processing to a level of the best products in the market, comparable with the Iota 4 and Iota 6 high-purity quartz (“HPQ”) products."

"Nordic Mining has carried out comprehensive analysis and an advanced processing test program at Dorfner Anzaplan’s laboratory in Germany. A suitable processing route for the quartz has been developed. To confirm that high quality products could be obtained from a larger part of the deposit three samples of 250 to 500 kg, in addition to an existing 1,000 kg sample, have been blasted from different locations across the vein. Homogeneity of the quartz has been confirmed by processing of all the samples to high quality products both in terms of impurity levels and glass qualities."

"The Scoping study estimated a preliminary size of the deposit of 3.45 million tonnes of quartz down to 150 meters depth. The estimate was based on geological mapping and geophysical results and is not in accordance with the JORC Code. No drilling of the deposit has been done so far. Drilling will be a necessary next step to confirm deposit size and quality. The Scoping Study indicated an initial mine life of more than 40 years based on mining down to about 100 meters depth and production of 5,000 tonnes of high purity quartz concentrate per year. The Scoping Study estimated a preliminary after tax NPV of USD 60 million using 8% WACC based on a 30 years project period."